JUNE 23//GOLD UP $5.75 TO $1783.10//SILVER IS UP 23 CENTS TO $26.03//GOLD STANDING AT THE COMEX FALLS TO 71.99 TONNES BUT SILVER OZ RISES TO 14.4 MILLION OZ//CORONAVIRUS UPDATES: DELTA STRAIN UPDATE//VACCINE UPDATE/IVERMECTIN UPDATES//CHINA SCRUBBED THE ORIGINS OF THE WUHAN VIRUS ACCORDING TO USA SCIENTIST//IRAN ANNOUNCES ANOTHER SABOTAGE ON A NUCLEAR FACILITY: THEY CLAIM THIS ONE WAS FOILED//RUSSIAN WAR SHIP FIRES LIVE BULLETS AT A UK WAR SHIP: PAR FOR THE COURSE TO SEE GOLD FALL ON THIS NEWS//TWO USA DATA POINTS ON USA MFG (UP) BUT SERVICE SECTOR (DOWN)//SWAMP STORIES FOR YOU TONIGHT//

 GOLD:$1783.10 UP $5.75   The quote is London spot price

Silver:$26.03  UP $0.23   London spot price ( cash market)

 
 
 

Closing access prices:  London spot

i)Gold : $1778.00 LONDON SPOT  4:30 pm

ii)SILVER:  $25.87//LONDON SPOT  4:30 pm

THE BANKERS NEED TO BE ONSIDE BY JUNE 28 SO EXPECT FOR THE NEXT 6 DAYS GOLD AND SILVER WILL BE WHACKED

comex options expiry tomorrow so we will have a good whack!

 

PLATINUM AND PALLADIUM PRICES BY GOLD-EAGLE (MORE ACCURATE)

 

 

PLATINUM  $1086.47  UP $0.84

PALLADIUM: $2612.36 up $39.35  PER OZ.

END

Editorial of The New York Sun | February 1, 2021

end

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COMEX DATA 

JPMorgan has been receiving gold with reckless abandon and sometimes supplying (stopping)

receiving today 35/277

EXCHANGE: COMEX
CONTRACT: JUNE 2021 COMEX 100 GOLD FUTURES
SETTLEMENT: 1,776.300000000 USD
INTENT DATE: 06/22/2021 DELIVERY DATE: 06/24/2021
FIRM ORG FIRM NAME ISSUED STOPPED
____________________________________________________________________________________________
657 C MORGAN STANLEY 5
661 C JP MORGAN 35
709 H BARCLAYS 277
905 C ADM 2
991 H CME 235
____________________________________________________________________________________________

TOTAL: 277 277
MONTH TO DATE: 23,026

ISSUED:  0

Goldman Sachs:  stopped: 0

 
 

NUMBER OF NOTICES FILED TODAY FOR  JUNE. CONTRACT: 277 NOTICE(S) FOR 27,700 OZ  (0.8615 tonnes)

TOTAL NUMBER OF NOTICES FILED SO FAR THIS MONTH:  23,026 FOR 2,302,600 OZ  (71.620 TONNES)

SILVER//JUNE CONTRACT

4 NOTICE(S) FILED TODAY FOR 20,000  OZ/

total number of notices filed so far this month 2817  :  for 14,085,000  oz

BITCOIN MORNING QUOTE  $32,503 DOWN 180  DOLLARS 

BITCOIN AFTERNOON QUOTE.:$32,511 DOWN 172 DOLLARS

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

GLD AND SLV INVENTORIES:

GLD AND SLV INVENTORIES:

Gold

WITH GOLD  UP $5.75 AND NO PHYSICAL TO BE FOUND ANYWHERE:

NO CHANGES IN GOLD INVENTORY AT THE GLD//

WITH RESPECT TO GLD WITHDRAWALS:  (OVER THE PAST FEW MONTHS)

GOLD IS “RETURNED” TO THE BANK OF ENGLAND WHEN CALLING IN THEIR LEASES: THE GOLD NEVER LEAVES THE BANK OF ENGLAND IN THE FIRST PLACE. THE BANK IS PROTECTING ITSELF IN CASE OF COMMERCIAL FAILURE

THIS IS A MASSIVE FRAUD!!

GLD  1049.55 TONNES OF GOLD//

Silver

AND WITH NO SILVER AROUND  TODAY: WITH SILVER UP $0.23

A HUGE CHANGES IN SILVER INVENTORY AT THE SLV; A PAPER WITHDRAWAL OF 1.391 MILLION OZ

WITH REGARD TO SILVER WITHDRAWALS FROM THE SLV:

THE SILVER WITHRAWALS ARE ACTUALLY “RETURNED” TO JPM, AS JPMORGAN CALLS IN ITS LEASES WITH THE SLV FUND.  (THE STORY IS THE SAME AS THE BANK OF ENGLAND’S GOLD). THE SILVER NEVER LEAVES JPMORGAN’S VAULT. THEY ARE CALLING IN THEIR LEASES FOR FEAR OF SOLVENCY ISSUES.

INVENTORY RESTS AT: A WITHDRAWAL OF 3.339 MILLION OZ FROM THE SLV..

564.292  MILLION OZ./SLV

xxxxx

GLD closing price//NYSE 166.17 DOWN $0.08 OR 0.05%

XXXXXXXXXXXXX

SLV closing price NYSE 23.94 up $0.09 OR 0.40%

XXXXXXXXXXXXXXXXXXXXXXXXX

 
 

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 

Let us have a look at the data for today

THE COMEX OI IN SILVER FELL BY A STRONG SIZED 1429 CONTRACTS FROM 177,132 DOWN TO 176,703, AND FURTHER FROM  THE NEW RECORD OF 244,710, SET FEB 25/2020. THE LOSS IN OI OCCURRED WITH OUR  $0.20 LOSS IN SILVER PRICING AT THE COMEX  ON TUESDAY . IT SEEMS THAT SOME OF THE LOSS IN COMEX OI IS PRIMARILY DUE TO SMALLER SPREADER LIQUIDATION AND THIS IS OCCURING MUCH EARLIER THAN USUAL AS THE BOYS NEEDED TO IGNITE A LARGE FALL IN SILVER PRICE. WE HAD MASSIVE BANKER AND ALGO  SHORT COVERING AS OUR BANKER FRIENDS ARE GETTING QUITE SCARED OF BASEL III COMING JUNE 28/2021 !// WE HAD SOME REDDIT RAPTOR BUYING//.. COUPLED AGAINST A FAIR EXCHANGE FOR PHYSICAL ISSUANCE. WE HAVE ZERO// MINOR LONG LIQUIDATION AS TOTAL LOSS ON THE TWO EXCHANGES EQUALS 929 CONTRACTS 

I AM NOW RECORDING THE DIFFERENTIAL IN OI FROM PRELIMINARY TO FINAL:

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN SILVER TODAY: -448 CONTRACTS

WE WERE  NOTIFIED  THAT WE HAD A  FAIR  NUMBER OF  COMEX LONGS TRANSFERRING THEIR CONTRACTS TO LONDON THROUGH THE EFP ROUTE: 500,, AS WE HAD THE FOLLOWING ISSUANCE:, JUNE: 0 JULY 500 AND SEPT 0 ZERO ALL  OTHER MONTHS  AND THEREFORE TOTAL ISSUANCE 500 CONTRACTS. THE BANKERS ARE NOW BEING BITTEN BY THOSE SERIAL FORWARDS (EFP’S CIRCULATING IN LONDON) AS THEY ARE NOW BEING EXERCISED AND COMING BACK TO NEW YORK FOR REDEMPTION OF METAL.  THE COST TO SERVICE THESE SERIAL FORWARDS IS HIGH TO OUR BANKERS  BUT THEY HAVE NO CHOICE BUT TO ISSUE A FEW OF THEM! SILVER IS IN BACKWARDATION AND AS SUCH THE DANGER TO OUR BANKERS IS LONDONERS WILL PURCHASE CHEAPER FUTURES METAL OVER HERE AND THEN TAKE DELIVERY.

HISTORY OF SILVER OZ STANDING AT THE COMEX FOR THE PAST 33 MONTHS.

JUNE/2018. (5.420 MILLION OZ);

FOR JULY: 30.370 MILLION OZ

FOR AUG., 6.065 MILLION OZ

FOR SEPT. 39.505 MILLION  OZ S

FOR OCT.2.525 MILLION OZ.

FOR NOV:  A HUGE 7.440 MILLION OZ STANDING  AND

21.925 MILLION OZ FINALLY STAND FOR DECEMBER.

5.845 MILLION OZ STAND IN JANUARY.

2.955 MILLION OZ STANDING FOR FEBRUARY.:

27.120 MILLION OZ STANDING IN MARCH.

3.875 MILLION OZ STANDING FOR SILVER IN APRIL.

18.845 MILLION OZ STANDING FOR SILVER IN MAY.

2.660 MILLION OZ STANDING FOR SILVER IN JUNE//

22.605 MILLION OZ  STANDING FOR JULY

10.025   MILLION OZ INITIAL STANDING IN AUGUST.

43.030   MILLION OZ INITIALLY STANDING IN SEPT. (HUGE)

7.32     MILLION OZ INITIALLY STANDING IN OCT

2.630     MILLION OZ STANDING FOR NOV.

20.970   MILLION OZ  FINAL STANDING IN DEC

2020

5.075     MILLION OZ FINAL STANDING IN JAN

1.480    MILLION OZ FINAL STANDING IN FEB

23.005  MILLION OZ FINAL STANDING FOR MAR 

4.660  MILLION OZ FINAL STANDING FOR APRIL

45.220 MILLION OZ FINAL STANDING FOR MAY***(5THHIGHEST RECORDED STANDING FOR SILVER)

2.205  MILLION OF FINAL STANDING FOR JUNE

86.470  MILLION OZ FINAL STANDING IN JULY…RECORD HIGHEST EVER RECORDED

6.475 MILLION OZ FINAL STANDING IN AUGUST

55.400 MILLION OZ FINAL STANDING IN SEPT (3RD HIGHEST RECORDED STANDING)

8.900 MILLION OZ INITIALLY STANDING IN OCT.

3.950 MILLION OZ FINAL STANDING IN NOV.

46.685 MILLION OZ FINAL STANDING FOR DEC. (4TH HIGHEST RECORDED STANDING)

2021

60 MILLION FINAL STANDING FOR JAN 2021

12.020  MILLION OZ FINAL STANDING FOR FEB 2021

58.425 MILLION OZ FINAL STANDING FOR MARCH 2021//2ND HIGHEST EVER RECORDED

14.935 MILLION OZ FINAL STANDING FOR APRIL

36.365 MILLION OZ FINAL STANDING FOR MAY 

14.470 MILLION OZ INITIAL STANDING FOR JUNE

TUESDAY, AGAIN OUR CROOKS USED COPIOUS PAPER TRYING TO LIQUIDATE SILVER’S PRICE …AND THEY WERE

SUCCESSFUL IN KNOCKING THE PRICE OF SILVER DOWN ,(IT FELL BY $0.20). AND WERE BASICALLY UNSUCCESSFUL IN THEIR ATTEMPT TO FLEECE ANY SILVER LONGS WITH TUESDAY’S TRADING.  WE HAD A CONSIDERABLE LOSS OF 936 CONTRACTS ON OUR TWO EXCHANGES( BUT MOST OF THAT LOSS WAS DUE SPREADER LIQUIDATION..  THE LOSS WAS DUE TO i) HUGE BANKER/ALGO SHORT COVERING// WE ALSO HAD  ii) SOME REDDIT RAPTOR BUYING//.    iii)  A  FAIR ISSUANCE OF EXCHANGE FOR PHYSICALS iiii) A VERY STRONG INITIAL SILVER STANDING FOR COMEX SILVER MEASURING AT 11.110 MILLION OZ FOLLOWED BY A 345,000 OZ GAIN ON DAY 19 OF THE DELIVERY CYCLE TO EFP, WITH 14.470 MILLION OZ NOW STANDING FOR DELIVERY//  v)  STRONG COMEX OI  LOSS  BUT THIS WAS ACCOMPANIED BY SMALL SPREADER LIQUIDATION.
.
YOU CAN BET THE FARM THAT OUR BANKERS  ARE DESPERATE TO LIQUIDATE THEIR HUGE SHORT POSITIONS IN SILVER..
 

SPREADING OPERATIONS/NOW SWITCHING TO SILVER  (WE SWITCH OVER TO GOLD ON JULY  1)

FOR NEWCOMERS, HERE ARE THE DETAILS:

SPREADING LIQUIDATION HAS NOW COMMENCED IN SILVER  AS WE HEAD TOWARDS THE  NEW ACTIVE FRONT MONTH OF JULY.

HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS IN THE SPREADING ENDEAVOUR;

 
 

MODUS OPERANDI OF THE CORRUPT BANKERS AS TO HOW THEY HANDLE THEIR SPREAD OPEN INTERESTS:

.

AS I HAVE MENTIONED IN PREVIOUS COMMENTARIES:

“AS YOU WILL SEE, THE CROOKS WILL NOW SWITCH TO SILVER AS THEY INCREASE THE OPEN INTEREST FOR THE SPREADERS. THE TOTAL COMEX SILVER OPEN INTEREST WILL RISE FROM NOW ON UNTIL ONE WEEK PRIOR TO FIRST DAY NOTICE AND THAT IS WHEN THEY START THEIR CRIMINAL LIQUIDATION.

HERE IS HOW THE CROOKS USED SPREADING AS WE ARE NOW INTO THE NON ACTIVE DELIVERY MONTH OF APRIL. HEADING TOWARDS THE ACTIVE DELIVERY MONTH OF MAY FOR SILVER:

YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST  STARTS TO RISE IN THIS NON ACTIVE MONTH OF MAY. BUT SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN SILVER WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING  ACTIVE DELIVERY MONTH (MAY), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY.  THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END  OF THE DAY. THEY DO THIS TO AVOID POSITION LIMIT DETECTION. THE LIQUIDATION OF THE SPREADING FORMATION CONTINUES FOR EXACTLY ONE WEEK AND ENDS ON FIRST DAY NOTICE.”

 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS

JUNE

ACCUMULATION FOR EFP’S/SILVER/J.P.MORGAN’S HOUSE OF BRIBES, / STARTING FROM FIRST DAY /FOR MONTH OF  JUNE:

26,396 CONTRACTS (FOR 18 TRADING DAY(S) TOTAL 26,396 CONTRACTS) OR 131.980MILLION OZ: (AVERAGE PER DAY: 1466 CONTRACTS OR 7.332 MILLION OZ/DAY)

TO GIVE YOU AN IDEA AS TO THE HUGE SUPPLY THIS MONTH IN SILVER:  SO FAR THIS MONTH OF JUNE: 131.98  MILLION PAPER OZ HAVE MORPHED OVER TO LONDON

JAN EFP ACCUMULATION FINAL:  113.735 MILLION OZ

FEB EFP ACCUMULATION FINAL:   208.18 MILLION OZ (RAPIDLY INCREASING AGAIN)

MAR EFP ACCUMULATION SO FAR: : 103.450 MILLION OZ  (DRAMATICALLY SLOWING DOWN AGAIN//FEARS OF EFP CONTRACTS BEING EXERCISED FOR METAL)

APRIL: 84.730 MILLION OZ  (SILVER IS NOW IN SEVERE BACKWARDATION AND THUS DRAMATICALLY FEWER ISSUANCE OF EFP’S)

MAY: 137.83 MILLION OZ

JUNE:  131.980 MILLION OZ// ISSUANCE RATE NOW SIGNIFICANTLY ABOVE THE MONTH OF MAY

RESULT: WE HAD A VERY STRONG DECREASE IN COMEX OI SILVER COMEX CONTRACTS OF 1429 , WITH OUR  $0.20 GAIN IN SILVER PRICING AT THE COMEX ///TUESDAY .THE CME NOTIFIED US THAT WE HAD A FAIR SIZED EFP ISSUANCE OF 500 CONTRACTS WHICH  EXITED OUT OF THE SILVER COMEX  TO LONDON  AS FORWARDS.

TODAY WE HAD A CONSIDERABLE SIZED LOSS OF 936 OI CONTRACTS ON THE TWO EXCHANGES(WITH OUR $0.20 LOSS

IN PRICE)//THE DOMINANT FEATURE TODAY: SOME CONTINUATION OF SPREADER LIQUIDATION// 

HUGE BANKER SHORTCOVERING/  AND A VERY STRONG INITIAL SILVER OZ STANDING FOR JUNE. (11.110 MILLION OZ FOLLOWED BY A 345,000 OZ GAIN  AS THE NEW TOTAL OF SILVER STANDING FALLS AT 14.470 MILLION OZ

THE TALLY//EXCHANGE FOR PHYSICALS

i.e  500  OPEN INTEREST CONTRACTS HEADED FOR LONDON  (EFP’s)TOGETHER WITH A  VERY STRONG SIZED DECREASE OF 1429 OI COMEX CONTRACTS.AND ALL OF THIS DEMAND HAPPENED WITH OUR  $0.20 LOSS IN PRICE OF SILVER/AND A CLOSING PRICE OF $25.80//TUESDAY’S TRADING. YET WE STILL HAVE A STRONG AMOUNT OF SILVER STANDING AT THE COMEX FOR DELIVERY. 

WE HAD 4 NOTICES FILED TODAY FOR 20,000 OZ

IN SILVER,PRIOR TO TODAY, WE  SET THE NEW COMEX RECORD OF OPEN INTEREST AT 244,196 CONTRACTS ON AUG 22.2018. AND AGAIN THIS HAS BEEN SET WITH A LOW PRICE OF $14.70//TODAY’S RECORD OF 244,705 WAS SET WITH A PRICE OF: 18.91 (FEB 25/2020)

AND YET, WITH THE SILVER IN BACKWARDATION (INDICATING SCARCITY), WE HAVE A CONTINUAL LOW PRICE OF SILVER DESPITE THE ABOVE HUGE DEMAND.  TO ME THE ONLY ANSWER IS THAT WE HAVE SOVEREIGN  (CHINA) WHO IS ENDEAVOURING TO GOBBLE UP ALL AVAILABLE PHYSICAL SILVER NO MATTER WHERE, EXACTLY WHAT J.P.MORGAN IS DOING. AND IT IS MY BELIEF THAT J.P.MORGAN IS HOLDING ITS SILVER FOR ITS BENEFICIAL OWNER..THE USA GOVERNMENT WHO IN TURN IS HOLDING THAT SILVER FOR CHINA.(FOR A SILVER LOAN REPAYMENT)

 
 
 
 

GOLD

IN GOLD, THE COMEX OPEN INTEREST FELL BY A GOOD SIZED SIZED 4830 CONTRACTS TO 453,940 ,,AND FURTHER FROM  OUR NEW RECORD (SET JAN 24/2020) AT 799,541 AND  PREVIOUS TO THAT: (SET JAN 6/2020) AT 797,110. 

THE DIFFERENTIAL FROM PRELIMINARY OI TO FINAL OI IN GOLD TODAY: -2243 CONTRACTS.

THE SMALL SIZED DECREASE IN COMEX OI CAME WITH OUR LOSS IN PRICE OF $5.40///COMEX GOLD TRADING/TUESDAY.AS IN SILVER WE MUST HAVE HAD HUGE BANKER/ALGO SHORT COVERING ACCOMPANYING OUR FAIR SIZED EXCHANGE FOR  PHYSICAL ISSUANCE. WE ALSO HAD ZERO/MINOR LONG LIQUIDATION AS, WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 936 CONTRACTS.  WE ALSO HAD A HUGE INITIAL STANDING IN GOLD TONNAGE FOR JUNE AT 69.73 TONNES. AFTER SOME MORPHING OF GOLD TO LONDON EARLY IN THE DELIVERY CYCLE, AND TODAY AN ETF MORPHING RESUMED AS 3900 OZ  ARE NOW STANDING FOR METAL IN LONDON WHERE NO DOUBT THAT THEY WILL BE BOUGHT OUT FOR CASH/ 

NEW TOTAL OF GOLD TONNAGE STANDING FOR JUNE:  71.99 TONNES/

YET ALL OF..THIS HAPPENED WITH OUR RISE IN PRICE OF $5.40 WITH RESPECT TO TUESDAY’S TRADING

WE HAD A VOLUME OF 0    4 -GC CONTRACTS//OPEN INTEREST  0//

WE HAD  A SMALL SIZED LOSS OF 936 OI CONTRACTS (2.911   TONNES) ON OUR TWO EXCHANGES

E.F.P. ISSUANCE

THE CME RELEASED THE DATA FOR EFP ISSUANCE AND IT TOTALED A STRONG SIZED 3894 CONTRACTS:

CONTRACT  AND JUNE:  0; AUGUST: 3894  ALL OTHER MONTHS ZERO//TOTAL: 3894 The NEW COMEX OI for the gold complex rests at 456,183. ALSO REMEMBER THAT THERE WILL BE A DELAY IN THE ISSUANCE OF EFP’S.  THE BANKERS REMOVE LONG POSITIONS OF COMEX GOLD IMMEDIATELY.  THEN THEY ORCHESTRATE THEIR PRIVATE EXCHANGE DEAL WITH THE LONGS AND THAT COULD TAKE AN ADDITIONAL, 48 HRS SO WE GENERALLY DO NOT GET A MATCH WITH RESPECT TO DEPARTING COMEX LONGS AND NEW EFP LONG TRANSFERS. . EVEN THOUGH THE BANKERS ISSUED THESE MONSTROUS EFPS, THE OBLIGATION STILL RESTS WITH THE BANKERS TO SUPPLY METAL BUT IT TRANSFERS THE RISK TO A LONDON BANKER OBLIGATION AND NOT A NEW YORK COMEX OBLIGATION. LONGS RECEIVE A FIAT BONUS TOGETHER WITH A LONG LONDON FORWARD. THUS, BY THESE ACTIONS, THE BANKERS AT THE COMEX HAVE JUST STATED THAT THEY HAVE NO APPRECIABLE METAL!! THIS IS A MASSIVE FRAUD: THEY CANNOT SUPPLY ANY METAL TO OUR COMEX LONGS BUT THEY ARE QUITE WILLING TO SUPPLY MASSIVE NON BACKED GOLD (AND SILVER) PAPER KNOWING THAT THEY HAVE NO METAL TO SATISFY OUR LONGS. LONDON IS NOW SEVERELY BACKWARD IN BOTH GOLD AND SILVER  AND WE ARE WITNESSING DELAYS IN ACTUAL DELIVERIES.

IN ESSENCE WE HAVE A SMALL SIZED DECREASE IN TOTAL CONTRACTS ON THE TWO EXCHANGES OF 936 CONTRACTS:  4830CONTRACTS DECREASED AT THE COMEX AND 3894 EFP OI CONTRACTS WHICH NAVIGATED OVER TO LONDON. THUS  TOTAL OI LOSS OF 936 CONTRACTS OR 2.911 TONNES.

CALCULATIONS ON GAIN/LOSS ON OUR TWO EXCHANGES

WE HAD A FAIR SIZED ISSUANCE IN EXCHANGE FOR PHYSICALS (3894) ACCOMPANYING THE GOOD SIZED LOSS IN COMEX OI (4830 OI): TOTAL GAIN IN THE TWO EXCHANGES:  936 CONTRACTS. WE NO DOUBT HAD 1) HUGE BANKER SHORT COVERING/BIS MANIPULATION!, , AS OUR BANKERS ARE RUNNING FROM DODGE AND CONSIDERABLE ALGO SHORT COVERING ,2.) STRONG INITIAL STANDING AT THE GOLD COMEX FOR JUNE AT 69.730 TONNES, AND THIS WAS FOLLOWED BY A SMALL EFP JUMP OF 39,000 OZ TO LONDON//NEW COMEX TOTALS 71.99 TONNES //3) ZERO/MINOR LONG LIQUIDATION,  /// ;4) GOOD SIZED COMEX OI LOSS AND 5) STRONG ISSUANCE OF EXCHANGE FOR PHYSICAL AND ….ALL OF THIS HAPPENED WITH OUR FALL IN GOLD PRICE TRADING TUESDAY//$5.40!!.

 
 
 
 
 
 

HISTORICAL ACCUMULATION OF EXCHANGE FOR PHYSICALS IN 2021 INCLUDING TODAY

JUNE

ACCCUMULATION OF EFP’S GOLD AT J.P. MORGAN’S HOUSE OF BRIBES: (EXCHANGE FOR PHYSICAL) FOR THE MONTH OF JUNE : 70,348, CONTRACTS OR 7,034,800 oz OR 218.81TONNES (18 TRADING DAY(S) AND THUS AVERAGING: 3909 EFP CONTRACTS PER TRADING DAY

TO GIVE YOU AN IDEA AS TO THE  SIZE OF THESE EFP TRANSFERS :  THIS MONTH IN 18 TRADING DAY(S) IN  TONNES: 218.81 TONNES

TOTAL ANNUAL GOLD PRODUCTION, 2020, THROUGHOUT THE WORLD EX CHINA EX RUSSIA: 3555 TONNES

THUS EFP TRANSFERS REPRESENTS 218.81/3550 x 100% TONNES  6.16% OF GLOBAL ANNUAL PRODUCTION

ACCUMULATION OF GOLD EFP’S YEAR 2021 TO DATE
JANUARY: 265.26 TONNES (RAPIDLY INCREASING AGAIN)
 
FEB  :  171.24 TONNES  ( DEFINITELY SLOWING DOWN AGAIN)..
 
 
MARCH:.   276.50 TONNES (STRONG AGAIN///IT SURPASSED JANUARY!!)

APRIL:      189..44 TONNES  ( DRAMATICALLY SLOWING DOWN AGAIN//GOLD IN BACKWARDATION)

MAY:        250.15 TONNES  (NOW DRAMATICALLY INCREASING AGAIN)

JUNE:      218.81 TONNES (NOW A LITTLE ABOVE PAR WITH RESPECT TO MAY)

 

WHAT IS ALARMING TO ME, ACCORDING TO OUR LONDON EXPERT ANDREW MAGUIRE IS THAT THESE EFP’S ARE BEING TRANSFERRED TO WHAT ARE CALLED SERIAL FORWARD CONTRACT OBLIGATIONS AND THESE CONTRACTS ARE LESS THAN 14 DAYS.  ANYTHING GREATER THAN 14 DAYS, THESE MUST BE RECORDED AND SENT TO THE COMPTROLLER, GREAT BRITAIN TO MONITOR RISK TO THE BANKING SYSTEM.  IF THIS IS INDEED TRUE, THEN THIS IS A MASSIVE CONSPIRACY TO DEFRAUD AS WE NOW WITNESS A MONSTROUS TOTAL EFP’S ISSUANCE AS IT HEADS INTO THE STRATOSPHERE

First, here is an outline of what will be discussed tonight:

1.Today, we had the open interest at the comex, in SILVER, FELL BY STRONG SIZED 1429 CONTRACTS FROM 177,174 DOWN TO 175,703 AND  FURTHER FROM OUR COMEX RECORD //244,710(SET FEB 25/2020).  THE LAST RECORDS WERE SET  IN AUG.2018 AT 244,196 WITH A SILVER PRICE OF $14.78/(AUGUST 22/2018)..THE PREVIOUS RECORD TO THAT WAS SET ON APRIL 9/2018 AT 243,411 OPEN INTEREST CONTRACTS WITH THE SILVER PRICE AT THAT DAY: $16.53). AND PREVIOUS TO THAT, THE RECORD  WAS ESTABLISHED AT: 234,787 CONTRACTS, SET ON APRIL 21.2017 OVER  3 1/4 YEARS AGO.  

EFP ISSUANCE 3894 CONTRACTS

OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS  AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:

 JUNE: 0, JULY 500: ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE:  500 CONTRACTS. EFP’S GIVE OUR COMEX LONGS A FIAT BONUS PLUS A DELIVERABLE PRODUCT OVER IN LONDON.  IF WE TAKE THE  COMEX OI LOSS OF 1429 CONTRACTS AND ADD TO THE 500 OI TRANSFERRED TO LONDON THROUGH EFP’S,WE OBTAIN A STRONG SIZED LOSS OF 929 OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES ALBEIT THAT MOST OF THE LOSS WAS DUE TO SPREADER LIQUIDATION.. THUS IN OUNCES, THE LOSS ON THE TWO EXCHANGES 4.645 MILLION  OZ, OCCURRED WITH OUR  $0.20 LOSS IN PRICE

 

BOTH THE SILVER COMEX AND THE GOLD COMEX ARE IN STRESS AS THE BANKERS SCOUR THE BOWELS OF THE EXCHANGE FOR METAL..THE EVIDENCE IS CLEAR: HUGE AMOUNTS OF PHYSICAL STANDING FOR BOTH  SILVER AND GOLD .

1/COMEX GOLD AND SILVER REPORT

(report Harvey)

 

2 ) Gold/silver trading overnight Europe, Gold

(Peter Schiff, Egon von Greyerz///zerohedge + OTHER COMMENTARIES

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 8.81 PTS OR 0.25%   //Hang Sang CLOSED UP 507.31 PTS OR 1.79%      /The Nikkei closed DOWN 507.31 pts or 1.79%  //Australia’s all ordinaires CLOSED DOWN 0.53%

/Chinese yuan (ONSHORE) closed UP TO 6.4765  /Oil DOWN TO 73.41 dollars per barrel for WTI and 75.35 for Brent. Stocks in Europe OPENED ALL RED EXCEPT LONDON  //  ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4765. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4796   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 

i

3. ASIAN AFFAIRS

 
 
 
 
3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/OUTLINE

END

b) REPORT ON JAPAN

3 C CHINA

OUTLINE

4/EUROPEAN AFFAIRS

OUTLINE

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

OUTLINE

6.Global Issues

OUTLINE

7. OIL ISSUES

OUTLINE

8 EMERGING MARKET ISSUES

OUTLINE
 

COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS

GOLD

LET US BEGIN:

 

THE TOTAL COMEX GOLD OPEN INTEREST FELL BY A GOOD SIZED 4830 CONTRACTS TO 453,940 MOVING  FURTHER FROM THE RECORD THAT WAS SET IN JANUARY/2020: {799,541  OI(SET JAN 16/2020)} AND  PREVIOUS TO THAT: 797,110 (SET JAN 7/2020).  AND THIS COMEX DECREASE OCCURRED WITH OUR LOSS OF $5.40 IN GOLD PRICING TUESDAY’S COMEX TRADING/.WE ALSO HAD A FAIR EFP ISSUANCE (3894 CONTRACTS). …AS THEY WERE PAID HANDSOMELY  NOT TO TAKE DELIVERY AT THE COMEX AND SETTLE FOR CASH.

WE NORMALLY HAVE WITNESSED  EXCHANGE FOR PHYSICALS ISSUED BEING SMALL AS IT JUST TOO COSTLY FOR THEM TO CONTINUE SERVICING THE COSTS OF SERIAL FORWARDS CIRCULATING IN LONDON. HOWEVER, MUCH TO THE ANNOYANCE OF OUR BANKERS, THE COMEX IS THE SCENE OF AN ASSAULT ON GOLD AS LONDONERS, NOT BEING ABLE TO FIND ANY PHYSICAL ON THAT SIDE OF THE POND, EXERCISE THESE CIRCULATING EXCHANGE FOR PHYSICALS IN LONDON AND FORCING DELIVERY OF REAL METAL OVER HERE AS THE OBLIGATION STILL RESTS WITH NEW YORK BANKERS. IT SEEMS THAT ARE BANKERS FRIENDS ARE EXERCISING EFP’S FROM LONDON AND NOW THEY ARE LOATHE TO ISSUE NEW ONES.  

(SEE BELOW)

WE  HAD 0    4 -GC VOLUME//open interest REMAINS AT   0

EXCHANGE FOR PHYSICAL ISSUANCE

WE ARE NOW MOVING TO THE VERY ACTIVE DELIVERY MONTH OF JUNE..  THE CME REPORTS THAT THE BANKERS ISSUED A FAIR SIZED TRANSFER THROUGH THE EFP ROUTE AS THESE LONGS RECEIVED A DELIVERABLE LONDON FORWARD TOGETHER WITH A FIAT BONUS., THAT IS 3894 EFP CONTRACTS WERE ISSUED:  ;: , JUNE:  0 & JULY 0 & AUGUST: 3894  & ZERO FOR ALL OTHER MONTHS:

TOTAL EFP ISSUANCE: 3894  CONTRACTS 

WHEN WE HAVE BACKWARDATION,  EFP ISSUANCE IS VERY COSTLY BUT THE REAL PROBLEM IS THE SCARCITY OF METAL AND IT IS FAR BETTER FOR OUR BANKERS TO PAY OFF INDIVIDUALS THAN RISK INVESTORS ESPECIALLY FROM LONDON STANDING FOR DELIVERY. THE LOWER PRICES IN THE FUTURES MARKET IS A MAGNET FOR OUR LONDONERS SEEKING PHYSICAL METAL. BACKWARDATION ALWAYS EQUAL SCARCITY OF METAL!

ON A NET BASIS IN OPEN INTEREST WE LOST THE FOLLOWING TODAY ON OUR TWO EXCHANGES: A SMALL SIZED 936 TOTAL CONTRACTS IN THAT 3894 LONGS WERE TRANSFERRED AS FORWARDS TO LONDON AND WE LOST A GOOD SIZED COMEX OI OF 4830 CONTRACTS. WE HAVE A HUGE AMOUNT OF GOLD TONNAGE STANDING FOR JUNE   (71.99) WHICH FOLLOWED MAY (5.77 TONNES FOLLOWING  (95.331 TONNES) IN APRIL, WHICH FOLLOWED MARCH:  (30.205 TONNES) WHICH FOLLOWED FEB (113.424 TONNES)  WHICH FOLLOWED OUR STRONG LEVEL JAN 2021 GOLD . ((6.500 TONNES).  

THE BANKERS WERE SUCCESSFUL IN LOWERING GOLD’S PRICE  //// (IT FELL $5.40)., BUT THEY WERE UNSUCCESSFUL IN FLEECING ANY LONGS AS WE HAD A SMALL SIZED LOSS ON OUR TWO EXCHANGES OF 936 CONTRACTS. THE TOTAL LOSS ON THE TWO EXCHANGES REGISTERED 2.911 TONNES,ACCOMPANYING OUR HUGE GOLD TONNAGE STANDING FOR JUNE (71.99 TONNES)..I  STRONGLY BELIEVE THAT OUR BANKER FRIENDS ARE GETTING QUITE NERVOUS.  THE SMALL SIZED LOSS IN COMEX OI IS DUE TO BANKER SHORT COVERING IN A BIG WAY.  THEY ARE LOOKING OVER THEIR SHOULDERS AND WITNESSING MASSIVE SILVER/GOLD SHORTAGES THAT CANNOT BE COVERED. THEY ARE TRYING TO FLEE IN HASTE “FROM DODGE”.

THE BIS REMOVED 2243  CONTRACTS FROM COMEX TRADES. THESE WERE REMOVED AFTER TRADING ENDED FRIDAY NIGHT. 

NET LOSS ON THE TWO EXCHANGES ::936 CONTRACTS OR 93600 OZ OR  2.911  TONNES

COMMODITY LAW SUGGESTS THAT COMMODITY FUTURES OPEN INTEREST SHOULD APPROXIMATE 3% OF TOTAL PRODUCTION.  IN GOLD THE WORLD PRODUCES AROUND 3500 TONNES PER YEAR BUT ONLY 2200 TONNES ARE AVAILABLE FROM THE WEST (THUS EXCLUDING RUSSIA, CHINA ETC..WHO KEEP 100% OF THEIR PRODUCT.
 
THUS IN GOLD WE HAVE THE FOLLOWING:  453,904 TOTAL OI CONTRACTS X 100 OZ PER CONTRACT = 45.39 MILLION OZ/32,150 OZ PER TONNE =  1411 TONNES

THE COMEX OPEN INTEREST REPRESENTS 1411/2200 OR 64.17% OF ANNUAL GLOBAL PRODUCTION OF GOLD.

 

Trading Volumes on the COMEX GOLD TODAY:84,277 contracts//    / volume poor//awful/

CONFIRMED COMEX VOL. FOR YESTERDAY: 178,196 contracts// – poor  

// //most of our traders have left for London

 

JUNE 23 /2021

 
INITIAL STANDINGS FOR JUNE COMEX GOLD
 
 
 
 
 
 
 
 
 
 
 
 
 
Gold Ounces
Withdrawals from Dealers Inventory in oz nil oz
Withdrawals from Customer Inventory in oz
 
nil oz
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit0 to the Dealer Inventory in oz
 
nil oz
 
 
 
 

Deposits to the Customer Inventory, in oz
 
 
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served (contracts) today
277  notice(s)
 
27700 OZ
0.8615 TONNES
No of oz to be served (notices)
120 contracts
12,000oz
 
0.373 TONNES
 
 
Total monthly oz gold served (contracts) so far this month
23,026 notices
2,302,600 OZ
71.620 TONNES
 
 
Total accumulative withdrawals of gold from the Dealers inventory this month NIL oz
Total accumulative WITHdrawal of gold from the Customer inventory this month xxx oz
 
 
 
We had 0 deposits into the dealer
 
 
 
 
 
 
total deposit: nil   oz 
 

total dealer withdrawals: nil oz

we had  0 deposits into the customer account
 
 
 
TOTAL CUSTOMER DEPOSITS nil oz  
 
 
 
 
 
 
We had 0  customer withdrawals….
 
 
 
 
 
 
 
 
total customer withdrawals Nil oz
 
 
 
 
 
 
 
 

We had 2  kilobar transactions 2 out of  2 transactions)

ADJUSTMENTS  0//   

I) Out of Brinks:  96.45 oz (3 kilobars removal from Brinks)

II) Out of JPM:  289.359 o  (9 kilobar removal from JPMorgan

 
 
 
 
 
 
 
 
 
 

The front month of JUNE registered a total of 397 CONTRACTS for a LOSS of 40 contracts. We had 1 notices filed on FRIDAY, so LOST 39  contracts or an additional 3900 oz  will NOT stand for delivery in this very active delivery month of June 

 
 
 
 
JULY LOST158 CONTRACTS TO STAND AT 1649.
 
AUGUST LOST 5031 CONTRACTS DOWN TO 356,130.

We had  277 notice(s) filed today for 27700  oz

FOR THE JUNE 2021 CONTRACT MONTH)Today, 0 notice(s) were issued from JPMorgan dealer account and 0 notices were issued from their client or customer account. The total of all issuance by all participants equates to 277  contract(s) of which 0  notices were stopped (received) by j.P. Morgan dealer and 35 notice(s) was (were) stopped/ Received) by J.P.Morgan//customer account and 0  notices received (stopped) by the squid  (Goldman Sachs)

To calculate the INITIAL total number of gold ounces standing for the JUNE /2021. contract month, we take the total number of notices filed so far for the month (23,026) x 100 oz , to which we add the difference between the open interest for the front month of  (JUNE: 397 CONTRACTS ) minus the number of notices served upon today  277 x 100 oz per contract equals 2,314,600 OZ OR 71.99 TONNES) the number of ounces standing in this active month of JUNE

thus the INITIAL standings for gold for the JUNE contract month:

No of notices filed so far (23,026) x 100 oz+( 397  OI for the front month minus the number of notices served upon today (277} x 100 oz} which equals 2,314,600 oz standing OR 71.99 TONNES in this  active delivery month of MAY.

We LOST 39 contracts or an additional  3900 oz will stand for metal over on this side of the pond.  
 
 
 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

NEW PLEDGED GOLD:

447,898.216, oz NOW PLEDGED  march 5/2021/HSBC  13.93 TONNES

202,692.098 PLEDGED  MANFRA 6.30 TONNES

276,177.249, oz  JPM  8.59 TONNES

1,187,560.751 oz pledged June 12/2020 Brinks/36.93 TONNES

80,189,799, oz Pledged August 21/regular account 2.49 tonnes JPMORGAN

17,265.072 oz International Delaware:  .53 tonnes

nil oz Malca

total pledged gold:  2,212,667.715 oz                                     68.79 tonnes

 

SURPRISINGLY WE HAVE BEEN WITNESSING NO REAL PHYSICAL GOLD ENTERING THE COMEX VAULTS FOR THE PAST YEAR!! ..ONLY PHONY KILOBAR ENTRIES…. WE HAVE 511.94 TONNES OF REGISTERED GOLD WHICH CAN SETTLE UPON LONGS i.e. 71.99 tonnes

CALCULATION OF REGISTERED THAT CAN BE SETTLED UPON:

total registered or dealer  18,632,470.197 oz or 579.54 tonnes
 
 
 
total weight of pledged: 2,212,667.715 oz or 68.79 tonnes
 
 
registered gold that can be used to settle upon: 16,409,767.0 (510,41 tonnes) 
 
 
 
 
true registered gold  (total registered – pledged tonnes16,409,767.0 (510,41 tonnes)   
 
 
total eligible gold: 16,663,909.432 oz   (518.32 tonnes)
 
 
 
total registered, pledged  and eligible (customer) gold  35,296,379.629 oz or 1,097.865 tonnes
 (INCLUDES 4 GC GOLD)
 
 

total 4 GC gold:   126.34 tonnes

total gold net of 4 GC:  971.53 tonnes

end

I have compiled  data with respect to registered (or dealer) gold taken on first day notice for each of the past 24 months

The data begins on first day notice for the May month taken on the last day of July 2018. and it continues to present day.

I then took, how many deliveries were recorded by the CME for each and every month.  I also included for reference the price of gold on first day notice.

The first graph is a logarithmic  graph and the second graph, linear.

You can see the huge explosion of registered gold at the comex along with deliveries.

 
 
THE DATA AND GRAPHS:
 
 
 
 
 
 
 
END

 
 
JUNE 23/2021
 
 

And now for the wild silver comex results

INITIAL STANDING FOR SILVER//June

June. SILVER COMEX CONTRACT MONTH//INITIAL STANDING

Silver Ounces
Withdrawals from Dealers Inventory NIL oz
Withdrawals from Customer Inventory
524,359.210 oz
 
 
 
 
Brinks
HSBC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Dealer Inventory
nil
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits to the Customer Inventory
140,676.549 OZ
 
Delaware
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
whatever enters the comex faults
leaves
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No of oz served today (contracts)
4
 
CONTRACT(S)
20,000 OZ)
 
No of oz to be served (notices)
77 contracts
 (385,000 oz)
Total monthly oz silver served (contracts)  2817 contracts

14,085,,000 oz)

Total accumulative withdrawal of silver from the Dealers inventory this month NIL oz
Total accumulative withdrawal of silver from the Customer inventory this month
 
We had 0 deposit into the dealer
 

total dealer deposits:  nil        oz

i) We had 0 dealer withdrawal

total dealer withdrawals: nil oz

we had  1 deposit into customer account (ELIGIBLE ACCOUNT)

i) Into Delaware: 140,676.549 oz
 
 
 
 
 
 
 
 

JPMorgan now has 187.5 million oz  silver inventory or 52.71% of all official comex silver. (187.5 million/354.569 million

total customer deposits today  38,523.817 oz   oz

we had 2 withdrawals

 
 
i )out of HSBC 523,384.816 oz
ii) Out of Brinks  974.900 oz
 
 
 

total withdrawals 524,359.216    oz

 
 

adjustments//0

 
 
 

Total dealer(registered) silver: 112.015 million oz

total registered and eligible silver:  354.569 million oz

a net 384,000 oz LEAVES  the comex silver vaults.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

 
JUNE FELL IN CONTRACTS BY 46 CONTRACTS DOWN TO 81  WE HAD 115 NOTICES SERVED ON TUESDAY SO WE GAINED 69 CONTRACTS OR 345,000 ADDITIONAL OZ WILL  STAND IN THIS NON ACTIVE DELIVERY MONTH OF JUNE
 
 
 
 
 

July LOST 5580 contracts DOWN  58,470 contracts  

AUGUST GAINED 261 CONTRACTS TO STAND AT 690

SEPTEMBER GAINED 3377 CONTRACTS UP TO 89,688

 
No of notices filed today: 4 CONTRACTS for 20,000 oz
 

To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at  2817 x 5,000 oz = 14,085,000 oz to which we add the difference between the open interest for the front month of JUNE (81) and the number of notices served upon today 4 x (5000 oz) equals the number of ounces standing.

Thus the JUNE standings for silver for the JUNE/2021 contract month: 2817 (notices served so far) x 5000 oz + OI for front month of JUNE (81)  – number of notices served upon today (4

) x 5000 oz of silver standing for the June contract month .equals 14,470,000 oz. ..VERY STRONG FOR A NON ACTIVE JUNE MONTH. 

We GAINED 345,000 additional oz standing in June as they REFUSED TO  morph into London based forwards

TODAY’S ESTIMATED SILVER VOLUME 33,975 CONTRACTS // volume  poor//getting out of Dodge//

FOR YESTERDAY  71,667  ,CONFIRMED VOLUME/ fair/

COMMODITY LAW SUGGESTS THAT OPEN INTEREST SHOULD NOT BE MORE THAN 3% OF ANNUAL GLOBAL PRODUCTION. THE CROOKS ARE SUPPLYING MASSIVE PAPER TRYING TO KEEP SILVER IN CHECK.

The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price at that day at $18.42. The previous record was 224,540 contracts with the price at that time of $20.44

end

NPV for Sprott

1. Sprott silver fund (PSLV): NAV  FALLS TO -0.48% (JUNE 23/2021)

SILVER FUND POSITIVE TO NAV

No of unit of PSLV: 402,810,481

No of oz of physical silver held; MAY 24/2021  144,515.694 OZ

No. of oz of physical silver held:  Sept 20/20: 85,907.3610

No of oz pf physical silver held: Dec 21/2019:  65,073.570 Oz

During the past 8 months Sprott has added: 58,608.30 Oz 

So far this year: 53.8 million oz

2. Sprott gold fund (PHYS): premium to NAV RISES TO +0.34% nav   (JUNE 23

/2021 )

3. SPROTT CEF .A   FUND (FORMERLY CENTRAL FUND OF CANADA)

NAV $18.83 TRADING 18.74//NEGATIVE  0.53

END

And now the Gold inventory at the GLD/(this vehicle is a fraud as there is no gold behind them!)

JUNE 23/WITH GOLD UP $5.75 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.55 TONNES

JUNE 22/WITH GOLD DOWN $5.40 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1049.55 TONNES//

JUNE 21/WITH GOLD UP $13.70 TODAY: TWO HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A PAPER DEPOSIT OF 11.09 TONNES INTO THE GLD AT 3 PM AND THEN A WITHDRAWAL OF 3.42 TONNES AT 5 PM////INVENTORY RESTS AT 1049.55 TONNES

JUNE 18/WITH GOLD DOWN  $7.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1041.99 TONNES/

JUNE 17/WITH GOLD DOWN $83.10 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 2.62 TONNES FROM THE GLD/INVENTORY RESTS AT 1041.99 TONNES.

JUNE 16/WITH GOLD UP $5.05 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.61 TONNE

JUNE 15/WITH GOLD DOWN $9.25 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.61 TONNES.

JUNE 14/WITH GOLD DOWN $13.60 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.61 TONNES

JUNE 11/WITH GOLD DOWN $15.90 TODAY: A BIG CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.45 TONNES INTO THE GLD/////INVENTORY RESTS AT 1044.61 TONNES

JUNE 10/WITH GOLD UP $1.40 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.83 TONNES INTO THE GLD////INVENTORY RESTS AT 1043.16 TONNES.

JUNE 9/WITH GOLD UP $1.05 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1037.33 TONNES

JUNE 8/WITH GOLD DOWN $4.00 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A PAPER WITHDRAWAL OF 5.93 TONNES FROM THE GLD/.//INVENTORY RESTS AT 1037.33 TONNES

JUNE 7/WITH GOLD UP $6.50 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/” A DEPOSIT OF 1.41 TONNES INTO THE GLD///INVENTORY REST AT 1043.16 TONNES.

JUNE 4/WITH GOLD UP $18.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1041.75 TONNES

JUNE 3/WITH GOLD DOWN $35.75 TODAY: A HUGE CHANGES IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 4.08 TONNES FORM THE GLD.//INVENTORY RESTS AT 1041.75 TONNES

JUNE 2/WITH GOLD UP $4.85 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.62 TONNES OF PAPER GOLD INTO THE GLD///INVENTORY RESTS AT 1045.83 TONNES/

JUNE 1/WITH GOLD UP $0.10 TODAY; NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1043.21  TONNES

MAY 28/WITH GOLD UP $6.85 TODAY:A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/; A WITHDRAWAL OF .87 TONNES OF GOLD FROM THE GLD/INVENTORY RESTS AT 1043.21 TONNES

MAY 27/WITH GOLD DOWN $5.35 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1044.08 TONNES

MAY 26/WITH GOLD UP $4.45 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A WITHDRAWAL OF 2.04 TONNES FROM THE GLD//INVENTORY RESTS AT 1044.08 TONNES

MAY 25/WITH GOLD UP $13.25 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A DEPOSIT OF 2.30 TONNES INTO THE GLD///INVENTORY REST AT 1046.12 TONNES.

MAY 24/WITH GOLD UP $8.25 TODAY: NO CHANGES IN GOLD INVENTORY A THE GLD//INVENTORY RESTS AT 1042.92 TONNES

MAY 21/WITH GOLD DOWN $5.20 TODAY: TWO HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 5.82 TONNES OF GOLD INTO THE GLD AT 3 PM AND ANOTHER 5.83 TONNES ADDED AT 5.20 PM/INVENTORY RESTS AT 1042.92. TONNES

MAY 20/WITH GOLD UP 20 CENTS TODAY/A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.66 TONNES FROM THE GLD//INVENTORY RESTS AT 1031.27 TONNES

MAY 19/WITH GOLD UP $13.35 TODAY: NO CHANGES IN GOLD IVENTORY AT THE GLD//INVENTORY RESTS AT 1035.93 TONNES

MAY 18/WITH GOLD UP $.75 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A MASSIVE 7.57 TONNES OF GOLD ADDED TO THE GLD///INVENTORY RESTS AT 1035.93 TONNES

MAY 17  WITH GOLD UP $29.95 TODAY/// .. NO CHANGES IN GOLD INVENTORY AT THE GLD…INVENTORY RESTS AT 1028.36 TONNES

MAY 14  WITH GOLD UP $13.05… A BIG CHANGES IN GOLD INVENTORY AT THE GLD.//A DEPOSIT OF 3.21 TONNES INTO THE GLD//INVENTORY RESTS AT 1028.36 TONNES

MAY 12/WITH GOLD DOWN $12.20 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.15 TONNES

MAY 11/WITH GOLD DOWN $1.60 TODAY;  NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1025.15 TONNES

MAY 10/WITH GOLD UP $7.00 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/ A WITHDRAWAL OF 5.82 TONNES FROM THE GLD./INVENTORY RESTS AT 1025.15 TONNES.

MAY 7/WITH GOLD UP 20,70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1019.33 TONNES

MAY 6/WITH GOLD UP $15.10 TODAY: A HUGE CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.13 TONNES OF GOLD INTO THE GLD///INVENTORY RESTS AT 1019.33 TONNES 

MAY 5/WITH GOLD UP $7.45 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD//INVENTORY RESTS AT 1018.20

MAY 4/WITH GOLD DOWN $14.80 TODAY: A SMALL CHANGE IN GOLD INVENTORY AT THE GLD: A DEPOSIT OF 1.16 TONNES INTO THE GLD///INVENTORY RESTS AT 1018.20 TONNES.

MAY 3/WITH GOLD UP $23.00 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY REST AT 1017.04 TONNES./

APRIL 30/WITH GOLD UP $0.20 TODAY; A HUGE CHANGE IN GOLD INVENTORY AT THE GLD/: A WITHDRAWAL OF 4.67 TONNES FROM THE GLD///INVENTORY RESTS AT 1017.04 TONNES.

APRIL 29//WITH GOLD DOWN $5.70 TODAY: NO CHANGES IN GOLD INVENTORY AT THE GLD/INVENTORY RESTS AT 1021.70 TONNES.

 

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Inventory rests tonight at:

 

JUNE 23 / GLD INVENTORY 1049.55 tonnes

LAST;  1080 TRADING DAYS:   +124.69 TONNES HAVE BEEN ADDED THE GLD

LAST 980 TRADING DAYS// +  299.22. TONNES HAVE NOW  BEEN ADDED INTO  THE GLD INVENTORY

Now the SLV Inventory/( vehicle is a fraud as there is no physical metal behind them!)

JUNE 23/WITH SILVER UP 23 CENTS TODAY:A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A PAPER WITHDRAWAL OF 1.391 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 564.292 MILLION OZ../

JUNE 22/WITH SILVER DOWN 20 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A WITHDRAWAL OF 4.173 MILLION OZ FROM THE SLV///INVENTORY RESTS AT 565.683 MILLION OZ..

JUNE 18/WITH SILVER UP 3 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV///INVENTORY RESTS AT 573.657 MILLION OZ//

JUNE 17/WITH SILVER DOWN $1.86 TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 3.339 MILLION OZ FROM THE SLV//INVENTORY RESTRS AT 573.657 MIILLION OZ//

JUNE 16/WITH SILVER UP 17 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 576.996 MILLION OZ/

JJUNE 15/WITH SILVER DOWN 35 CENTS TODAY; NOCHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.996 MILLION OZ//

JUNE 14/WITH SILVER DOWN 11 CENTS TODAY; TWO CHANGES IN SILVER INVENTORY AT THE SLV/): i)A WITHDRAWAL OF 371,000 OZ FROM THE SLV and then ii) A HUGE DEPOSIT OF 1.484 MILLION OZ INTO THE SLV/////NVENTORY RESTS AT 576.996 MILLION OZ

JUNE 11/WITH SILVER UP 14 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 575.883 MILLION OZ//

JUNE 10/WITH SILVER UP  ONE CENT TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV.//INVENTORY RESTS AT 575.883 MILLION OZ.

UNE 9/ WITH SILVER UP 17 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 577.228 MILLION OZ.

JUNE 8/WITH SILVER  DOWN 28 CENTS TODAY: TWO HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 928,000 OZ AND THEN ANOTHER 231,000 OZ FROM THE SLV////INVENTORY RESTS AT 577.228 MILLION OZ//

JUNE 7/WITH SILVER UP 13 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY REST AT 578.387 MILLION OZ..

JUNE 4/ WITH SILVER UP 33 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 578.387 MILLION OZ/

JUNE 3/WITH SILVER DOWN 71 CENTS TODAY//A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A DEPOSIT OF 1.714 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 578.387 MILLION OZ

JUNE 2/WITH SILVER UP  12 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 576.673 MILION OZ.

JUNE 1//WITH SILVER UP 10 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 28/WITH SILVER UP 8 CENTS TODAY:NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 27/WITH SILVER UP 3 CENTS TODAY//NO CHANGES IN SILVER INVENTORY AT THE SLV..INVENTORY RESTS AT 576.673 MILLION OZ.

MAY 26/WITH SILVER DOWN 15 CENTS TODAY/NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 25/WITH SILVER UP 16 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A PAPER DEPOSIT OF 1.855 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 576.673 MILLION OZ/

MAY 24/WITH SILVER UP 25 CENTS TODAY: A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.855 MILLION OZ INTO THE SLV////INVENTORY RESTS AT 574.818 MILLION OZ//

MAY 21.WITH SILVER DOWN 51 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.299 MILLION OZ INTO THE SLV///INVENTORY RESTS AT 572.963 MILLION OZ/

MAY 20/WITH SILVER UP 4 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 571.664 MILLION OZ//

MAY 19/WITH SILVER DOWN 32 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 571.664 MILLION OZ/

MAY 18/WITH SILVER UP 09 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV: A MASSIVE DEPOSIT OF 7.884 MILLION OZ INTO THE SLV.//INVENTORY RESTS AT 571.664 MILLION OZ..

MAY 17 WITH SILVER UP 88 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//..INVENTORY RESTS AT 565.820 MILLION OZ

MAY 14 WITH SILVER UP 28 CENTS TODAY: A HUGE GAIN OF 1.949 MILLION OZ INTO THE SLV….INVENTORY RESTS AT 565.820 MILLION OZ

MAY 12/WITH SILVER DOWN 39 CENTS TODAY; A HUGE CHANGE IN SILVER INVENTORY AT THE SLV/: A PAPER WITHDRAWAL OF 1.67 MILLION OZ /INVENTORY RESTS AT 563.871 MILLION OZ//

MAY  11/WITH SILVER UP 17 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.206 MILLION OZ DESPITE THE PRICE RISE//INVENTORY RESTS AT 565.541 MILLION OZ//

MAY 10.WITH SILVER UP 2 CENTS TODAY: A HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.81 MILLION OZ FORM THE SLV/INVENTORY RESTS AT 566.747 MILLION OZ//

MAY 7/WITH SILVER UP 2 CENTS TODAY: NO  CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 566.577 MILLION OZ

MAY 6/WITH SILVER UP 90 CENTS TODAY: TWO CHANGES IN SILVER INVENTORY AT THE SLV//:1. A WITHDRAWAL OF  FROM THE SLV RECORDED AT 2 PM AND THEN 2. A HUGE DEPOSIT OF 1.31 MILLION OZ INTO THE SLV RECORDED AT 5;20 PM.//INVENTORY RESTS AT 568.577 MILLION OZ//

MAY 5/WITH SILVER UP ONE CENT TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

MAY 4/WITH SILVER DOWN 40 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

MAY 3/WITH SILVER UP 99 CENTS TODAY: NO CHANGES IN SILVER INVENTORY AT THE SLV/INVENTORY RESTS AT 567.481 MILLION OZ

APRIL 30//WITH SILVER DOWN 16 CENTS TODAY; No CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ//

APRIL 29/WITH SILVER DOWN 2 CENTS TODAY; NO CHANGES IN SILVER INVENTORY AT THE SLV//INVENTORY RESTS AT 567.481 MILLION OZ..

 

SLV INVENTORY RESTS TONIGHT AT

JUNE 23/2021
564.292 MILLION OZ

 
 

PHYSICAL GOLD/SILVER STORIES
i)Peter Schiff:

The Fed In A Box, Part 1: They Cannot Raise Interest Rates

BY TYLER DURDEN
WEDNESDAY, JUN 23, 2021 – 09:21 AM

Via SchiffGold.com,

3 Key Takeaways

  1. The US Government has over $28 Trillion in Debt

  2. Much of the debt is short-term, making it extra sensitive to higher rates

  3. Higher Interest Rates would immediately start putting strain on the Federal Budget

Introduction

The US has over $28 Trillion dollars in debt and it continues to grow at an alarming rate. Even before COVID-19, the problem was becoming unwieldy. Ironically, despite adding $4T+ in debt over the last year, the pandemic may have given the US Government short-term reprieve as it gave the Federal Reserve a green light to drop rates back to zero.

First and foremost, this took pressure off the Treasury as it refinanced the ballooning short-term debt outstanding at lower rates. However, even more relief occurred as the Federal Reserve absorbed +90% of the long term debt issued since last March. This allowed more room in the private markets to purchase the issuance of new short-term Treasury Bills. Because the Fed pays interest revenue back to the Treasury, and since interest rates on Treasury Bills are sitting at 0%, this has effectively given the Treasury a $4.5T loan at 0% interest in 15 months!

While this sounds like a great deal, it comes with major risks and has now put the Fed in a box. This will be explained in detail over two articles. Part 1 will explain why the Fed can no longer raise interest rates, and Part 2 will show how the Fed is unable to taper and may even need to increase Treasury purchases to maintain control over the long end of the yield curve.

$28 Trillion and Growing

The US Government cannot stop spending money. Spending is now far in excess of what is being collected in tax revenues. The US economy continues to experience nominal increases in growth, which has increased Federal Tax receipts, but Federal Spending is growing far faster. Figure 1 below, shows this clear trend.

Source – Treasurydirect.gov

Excess spending has to be paid for using debt. This massive excess in spending has led to proliferate borrowing by the Federal Government resulting in over $28T in total debt outstanding. See figure 2 below.

Source – Treasurydirect.gov

For anyone struggling to wrap their mind around the size of $1T, please see this great visual. Now, multiply that by 28!

For most governments, this would be unsustainable as interest rates would rise. This puts pressure on a borrower to bring down spending. The US Government has benefited from three major advantages that are not available to most governments. First, it has the exorbitant privilege of issuing the global reserve currency (for now), which creates far more demand for dollars than would otherwise be the case. The petro-dollar should have its own dedicated article, so that will be skipped in this analysis.

It is important to highlight two other key facts that have allowed spending and borrowing to continue unabated. It has been able to borrow from the Social Security Trust Fund, and the Federal Reserve has absorbed a large chunk of debt issuance in recent years. Not only does this equate to $11T in interest-free loans (as all interest payments return back to the Treasury), but it has prevented the private markets from absorbing all new debt issuance keeping interest rates lower. As Figure 3 below shows, since Jan 2010, the private markets have “only” had to absorb $9T of the $14.5T issued.

Source – Treasurydirect.gov and https://fred.stlouisfed.org/

Since Jan 2020, the numbers are even more stark. The Treasury has issued $4.5T, of which the Fed has taken on $2.6T (Note: The Fed balance sheet has expanded by greater than $4T, but not all of this was Treasury Debt). Looking deeper into the numbers shows the Fed had an even bigger appetite for longer-dated maturities. With Short Term rates at 0%, the Treasury can sell Treasury Bills to the private sector and still have an interest-free loan. Thus, it has been critical for the Fed to absorb almost all (~90%) the long-term debt issued by the Treasury to keep interest payments low!

Source – Treasurydirect.gov

The Treasury has so far avoided higher interest payments

Zooming back out, the three charts below show why the maneuvers over the last year have been so important. Take one more look at the US Debt load, this time categorized by vehicle. Non-Marketable is debt the government owes itself, Notes represent 1-10 year maturity, Bills less than 1 year, and Bonds >10 years. The two charts below show both the absolute growth in debt and how the makeup of the debt has changed. Since 2008, Notes have experienced the largest growth increasing from 25% of total outstanding to 42%. Non-Marketable went the other way, shrinking from 45% to 25% as the Social Security Trust Fund is no longer a source to borrow from.

Source – Treasurydirect.gov

Source – Treasurydirect.gov

It is important to notice the growth in Treasury Bills above. Bills are the highest risk to the Treasury because higher interest rates will affect Bills within months, so it is important to note that in 2015 during the last rate hike cycle they accounted for only $1.4T but now make up $4.3T. This means every .25% rate hike will almost immediately add $10B to Federal spending. The chart below clearly shows the impact of the last interest rate hike cycle. The Pink line shows how Bills followed the Fed hike cycle topping out near 2.25%.

If the Fed attempted to raise rates in a similar fashion it would immediately add $100B to Federal Spending on ONLY interest due for Treasury Bills. In a scenario where the Fed shrunk its balance sheet back to $1T (no more interest free loans) AND raised interest rates back to 4%, the Treasury would incur an extra $160B in interest rates for Treasury Bills and a whopping $290B on Treasury Notes! This would not factor in any new debt added over that time, which now includes an extra $.5T a year just on interest payments!

Source – Treasurydirect.gov

The chart below shows a much clearer impact of how falling interest rates have kept debt payments relatively stable for nearly 20 years. The chart shows the average weighted interest rate and the annualized monthly interest payments. The orange line (average weighted interest rate) is moving in direct opposition to the growth in debt seen above. In the last rate tightening cycle, the chart shows just how quickly higher interest rates increased the debt burden ($150B). The Fed owns very few Treasury Bills ($320B), so those interest payments are NOT returning to the Treasury.

Source – Treasurydirect.gov

One final chart to consider. How do these interest payments compare to tax revenue collected by the IRS? In this context, it becomes very clear how much impact the 2015 rate cycle increases had on debt payments.

Source – Treasurydirect.gov

Wrapping Up

Nothing in this article should be surprising to anyone who even closely watches the US Debt situation or follows financial markets. The charts and graphs attempted to show the trends and put hard numbers behind what most people already know anecdotally. This article does not even touch on how devastating higher interest rates would be on the housing market, corporate debt market, and consumer debt market. Instead it only focuses on the Treasury, which just so happens to be run by the old chair of the Federal Reserve (Janet Yellen).

None of this math is overly complex, and all the data is freely available on the Treasury and Fed website. This begs the question, does the Fed realize interest rates cannot go up or are they only looking in the rear-view mirror and assuming that an increase to 2.25% will be similar to 2015 which was “only” derailed by COVID-19? To reiterate, the drop in interest rates gave the Treasury relief from the higher interest payments. Next time they might not even get halfway to 2% with the added debt burden. Unfortunately, for the Fed, their box is tighter than most realize. If the Fed hasn’t figured it out by now, even before they fail to raise interest rates, they will be unable taper Quantitative Easing (debt monetization) much less shrink their balance sheet, without serious consequences. That data will be reviewed in Part 2. Stay tuned!

EGON VON GREYERZ//MATHEW PIEPENBURG

 
 

END

OR LAWRIE WILLIAMS

LAWRIE WILLIAMS: Swiss gold exports: China tops the list – comfortably

Every month we have been keeping readers up to date with the Swiss gold export situation as a significant guide to global gold flows. Over the years these gold exports have amounted to a volume equivalent to over half the global new mined gold total, and the latest gold export level from this small European nation, with its plethora of specialist gold refineries, fell a little short of this percentage at around 30% – still a hugely important figure relative to global gold production.

The Swiss refineries take doré bullion (semi- refined gold), gold-bearing concentrates, scrap gold and large high purity refined good delivery gold bars, and refine all this to the smaller sizes and higher purity gold in demand in the world’s principal gold markets – primarily in Asia and the Middle East. China and India have, over the years, been the dominant customers for this Swiss refined gold, but so far this year, until now, India has been the predominant recipient, and China something of an ‘also ran’.

However, as the above bar chart shows, mainland China and Hong Kong between them accounted for 36.3 tonnes (or 44%) of the Swiss gold exports in May according to figures released by the Swiss authorities, with COVID – hit India, having been the dominant recipient in the first four months of the year, before the pandemic had really had quite such an impact, seeing imports of Swiss gold fading to only 1.9 tonnes in the latest month – behind the UK, U.S., Germany, Singapore and Italy. China/Hong Kong imports had begun to pick up in April and May figures were a little lower than the combined 51.1 tonnes seen that month. But it should also be recognised that the total Swiss gold export figure for May at 83 tonnes was also substantially lower than the 133.9 tonnes reported in April so the percentage shipped to China/Hong Kong was actually a little higher in May.

On the balance of the Swiss gold exports in May, the UK represents the centre of the global gold trade, while the U.S. and Germany are two of the world’s largest gold consumers (after China and India), while Singapore has designs on becoming the Far East’s principal global trading centre – currently a position held by Hong Kong. Thus the high import figures for these nations are not too surprising. That is apart from the huge fall in Indian imports from 57 tonnes in April, but this could be due to timing coupled with something of a fall-off in Indian demand in May due to the virus pandemic and a higher level in gold prices in the month.

While the May figures for Swiss gold exports were interesting in that they showed the continued dominance of the combined gold flows to Asia and the Middle East at around 51%, it was still far short of the around 80% levels seen in earlier years. This may represent a sea change in the global demand pattern, which will have been thrown into disarray by the COVID-19 pandemic. We look forward to future Swiss figures, which may throw a new light on the true state of global gold flows.

23 Jun 2021

end

 

 

ii) Important gold commentaries courtesy of GATA/Chris Powell

An absolute job:  The Fed gives cartoons explaining how they can control just the right amount of inflation

(Bloomberg/GATA)

Fed’s cartoons promise ‘just the right amount of inflation’

 

 

 Section: Daily Dispatches

That’s all, folks.

* * *

Federal Reserve Builds Lego Town to Explain Inflation

By Catarina Saraiva
Bloomberg News
via The Detroit News
Monday, June 21, 2021

https://www.detroitnews.com/story/business/2021/06/21/federal-reserve-builds-lego-town-explain-inflation/7774701002/

Inflation has caught America’s attention and the Federal Reserve is reaching for Lego to explain why some price rises will probably prove temporary.

As policy makers strive to communicate their approach to keeping inflation in check — a vital step to preserve their credibility with the American public amid a recent surge in prices — the Cleveland Fed is taking a different approach.

In a series of three 60-second animated videos —

https://www.clevelandfed.org/our-research/center-for-inflation-research/inflation-101.aspx

— it explains what inflation is, why people should care about it, and how the Fed controls it, each using a town and characters built out of the Danish toymaker’s colorful plastic bricks.

The Cleveland Fed, home to the Center for Inflation Research, differentiates between inflation across a wide variety of categories and price increases restricted to just a few areas of the economy.

Lego people scream as a narrator describes hyperinflation, where prices increase at uncontrollable levels, before they’re reassured that the Fed’s got things under control.

The final moments leave watchers with a sense of peace, showing how the Fed can keep inflation on track using its various policy tools.

“With the help of the Federal Reserve, there’s just the right amount of inflation,” the narrator explains.*

Craig Hemke: After the smash, rising debt, negative rates still support metals

 

 

 Section: Daily Dispatches

By Craig Hemke
Sprott Money, Toronto
Tuesday, June 22, 2021

Once again it was the “escalator up and elevator shaft down” for the Comex digital metals. What does this mean for price moving forward and into the second half of 2021?

First off, we should address what happened and why the precious metals (and most commodities) reacted as violently as they did last week after the June Federal Open Market Committee meeting.

In his press conference, Fed Chairman Jerome Powell waved off the whole “dot plot” thing, and anyone with functioning brain cells should know that the notion of three additional Fed governors now expecting a Fed funds rate hike in 18 months instead of 21 should not be a significant reason to upset the markets.

Instead, what spiked the dollar index and consequently crushed the precious metals was a simple increase of 5 basis points (0.05%) in the interest rate that the Fed pays on reverse reserves. …

… For the remainder of the analysis:

https://www.sprottmoney.com/blog/After-the-Smash-Craig-Hemke-June-22-2021 

* * *

CRYPTOCURRENCIES/
 
COMMODITY// GLOBAL INFLATION WATCH
 
CEO of the world’s largest commodity dealers, Glencore states that commodity prices will stay quite elevated for much longer 
(zerohedge/Glencore)
 

Glencore CEO Says Commodity Prices Will Stay Elevated For Longer

 
WEDNESDAY, JUN 23, 2021 – 02:45 AM

Some commodities have taken a beating over the last week after the Federal Reserve signaled for interest-rate increases, a rising dollar, and China’s efforts to slow inflation. The question readers should ask is what happens next? 

Well, either Ark’s Cathie Wood, who has predicted a ‘serious correction’ in commodities and a return to deflation will be correct, or Ivan Glasenberg, the CEO of commodities trading giant Glencore, who told Bloomberg Tuesday on the second day of the Qatar Economic Forum 2021 that the overall rally in commodities will continue. 

Only one person can be right. 

Focusing on Glasenberg’s latest comments, he believes massive infrastructure spending in China, various commodities tangled in disruption due to COVID, which tighten up supplies, along with other infrastructure spending projects worldwide, including the prospects of one in the US, will continue to elevate commodity prices. 

He said the Chinese have been trying to push commodity prices lower but believes that “is a short-term game because the underlying fundamentals of supply and demand will keep prices higher.” 

Glasenberg said the Chinese are taking commodities from their strategic stockpile and flooding the market to push prices lower, but that can only happen for so long until they need to restock. 

He was hesitant to call the post-COVID move in commodities a “supercycle,” adding that “commodity prices will stay strong for a long while longer.” 

The next catalyst that moves commodity prices higher is the once-in-a-generation investment in America’s infrastructure via the Biden administration. Glasenberg said once the infrastructure package is passed, it’ll take the shovel-ready projects about 18 months to get going, adding to further demand for commodities. 

Important to note a bullish yearly hammer was confirmed in 2020 on the Bloomberg Commodity Index. 

He then said, “both parts of the world,” including China and the US, will be pushing infrastructure projects simultaneously. 

Glasenberg questions how long will it take for new mining projects to come online to meet this new demand, warning that new mines may take longer than previous cycles. 

He added that the mining industry would struggle to keep pace with the new “demand” coming from the green new economy. 

One person can only be correct. It’s either Wood with her suggestion of commodity price slump or Glencore’s Glasenberg that elevated commodity prices will continue. 

For Glencore’s Glasenberg full interview, fast forward to the one-hour eleven minute mark. 

 the one-hour eleven minute mark. 

17
 

-END-

Your early WEDNESDAY morning currency, Asian stock market results,  important USA/Asian currency crosses, gold/silver pricing overnight along with the price of oil Major stories overnight/7 AM EST

i) Chinese yuan vs USA dollar/CLOSED DOWN AT 6.4765 

//OFFSHORE YUAN 6.4796   /shanghai bourse CLOSED UP 8.81 PTS OR 0.25% 

HANG SANG CLOSED UP 507.31 PTS OR 1.79 PER CENT

2. Nikkei closed DOWN  9.24 PTS OR 0.03%

3. Europe stocks  ALL RED EXCEPT LONDON

USA dollar  91.74/Euro FALLS TO 1.1948

3b Japan 10 YR bond yield: RISES TO. +.056/ !!!!(Japan buying 100% of bond issuance)/Japanese yen vs usa cross now at 110.80/ THIS IS TROUBLESOME AS BANK OF JAPAN IS RUNNING OUT OF BONDS TO BUY./JAPAN 10 YR YIELD IS NOW TARGETED AT .11%/JAPAN LOSING CONTROL OF THEIR BOND MARKET//CARRY TRADERS GETTING KILLED

3c Nikkei now JUST ABOVE 17,000

3d USA/Yen rate now well below the important 120 barrier this morning

3e WTI:: 73.35 and Brent: 75.35

3f Gold UP/JAPANESE Yen DOWN CHINESE YUAN:   ON -SHORE CLOSED UP /OFF- SHORE: UP

3g Japan is to buy the equivalent of 108 billion uSA dollars worth of bond per month or $1.3 trillion. Japan’s GDP equals 5 trillion usa./“HELICOPTER MONEY” OFF THE TABLE FOR NOW /REVERSE OPERATION TWIST ON THE BONDS: PURCHASE OF LONG BONDS AND SELLING THE SHORT END

Japan to buy 100% of all new Japanese debt and by 2018 they will have 25% of all Japanese debt. Fifty percent of Japanese budget financed with debt.

3h Oil UP for WTI and UP FOR Brent this morning

3i European bond buying continues to push yields lower on all fronts in the EMU. German 10yr bund FALLS TO -.184%/Italian 10 Yr bond yield UP to 0.88% /SPAIN 10 YR BOND YIELD UP TO 0.44%…ITALIAN 10 YR BOND YIELD/GERMAN BUND: 1.07: DANGEROUS FOR THE ITALIAN BANKING SYSTEM

3j Greek 10 year bond yield RISES TO : 0.83

3k Gold at $1783.40 silver at: 25.91   7 am est) SILVER NEXT RESISTANCE LEVEL AT $30.00

3l USA vs Russian rouble; (Russian rouble  UP 27/100 in roubles/dollar) 72.62

3m oil into the 73 dollar handle for WTI and 75 handle for Brent/

3n Higher foreign deposits out of China sees huge risk of outflows and a currency depreciation. This can spell financial disaster for the rest of the world/

JAPAN ON JAN 29.2016 INITIATES NIRP. THIS MORNING THEY SIGNAL THEY MAY END NIRP. TODAY THE USA/YEN TRADES TO 110.80 DESTROYING JAPANESE CITIZENS WITH HIGHER FOOD INFLATION

30 SNB (Swiss National Bank) still intervening again in the markets driving down the FRANC. It is not working: USA/SF this morning .9173 as the Swiss Franc is still rising against most currencies. Euro vs SF 1.0961 well above the floor set by the Swiss Finance Minister. Thomas Jordan, chief of the Swiss National Bank continues to purchase euros trying to lower value of the Swiss Franc.

3p BRITAIN VOTES AFFIRMATIVE BREXIT/LOWER PARLIAMENT APPROVES BREXIT COMMENCEMENT/ARTICLE 50 COMMENCES MARCH 29/2017

3r the 10 Year German bund now NEGATIVE territory with the 10 year FALLING to 0.184%

The bank withdrawals were causing massive hardship to the Greek bank. the Greek referendum voted overwhelming “NO”. Next step for Greece will be the recapitalization of the banks and that will be difficult.

4. USA 10 year treasury bond at 1.466% early this morning. Thirty year rate at 2.102%

5. Details Ransquawk, Bloomberg, Deutsche bank/Jim Reid.

6.  TURKISH LIRA:  DOWN  TO 8.64..  VERY DEADLY

Futures Flat As Traders Wait For Next Green Light From Fed

 
WEDNESDAY, JUN 23, 2021 – 08:08 AM

S&P 500 futures erased earlier gains, and after rising as much as 0.3% when they traded at all time highs, Eminis were last seen down 4 points or 0.1% to 4,232, as European stocks also struggled to gain momentum on Wednesday despite reassurances from U.S. Federal Reserve Chair Jerome Powell that the Fed is not rushing to hike rates contrary to the market’s post-FOMC freakout last week. Treasuries fell, the dollar was flat and bitcoin soared after tumbling on Tuesday.

On Tuesday, Powell sought to reassure investors on Tuesday, saying that the central bank will watch a broad set of job market data to assess the economic recovery from COVID-19, rather than rush to raise rates on the basis of fear of inflation. New York Fed President John Williams echoed Powell, saying that a discussion about raising interest rates is still “way off in the future.”

“The market’s still digesting the Fed news,” said Mo Kazmi, portfolio manager and macro strategist at UBP. “I think a lot of that move was exacerbated by stretched positioning and now what we’re seeing is perhaps reflation trades being put back on and the market normalising to some extent, realising that for now it’s just a subtle shift from the Fed.”

At 7:30 a.m. ET, Dow e-minis were down 8 points, or 0.02%, S&P 500 e-minis were down 4 points, or 0.1%, and Nasdaq 100 e-minis were down 21.25 points, or 0.10%. In early trading, energy stocks Occidental Petroleum, ConocoPhillips and Exxon Mobil gained about 1% as oil prices jumped to a more than two-year high. Among meme stocks, software firm Alfi Inc dropped 10.1% after more than doubling in value in the prior session, while Torchlight Energy Resources dropped in U.S. premarket trading, extending losses from Tuesday triggered by the Reddit-hyped oil explorer’s sale of $100 million in new shares. Stock declines as much as 13% after Tuesday’s 29% plunge. Xpeng ADRs climbed in U.S. premarket trading after the electric-vehicle maker is said to have received the green light from the Hong Kong stock exchange to list in the city. Cryptocurrency-exposed stocks also edged higher as Bitcoin recovered bigly after dipping below the $30,000 level in the prior session, and was currently trading around $34,100. Here are some of the biggest U.S. movers today:

  • Cryptocurrency-exposed stocks edge higher in premarket trading following a volatile day for digital assets on Tuesday. Riot Blockchain (RIOT) climbs 2.4% and Marathon Digital (MARA) rises 2.3%, while Bit Digital (BTBT) gains 3.1%.
  • Gemini Therapeutics (GMTX) slumps 30%, extending postmarket losses, after the company announced initial data from its Phase 2a ReGAtta study of GEM103 in patients with geographic atrophy (GA) secondary to dry age-related macular degeneration. Jefferies said the stock was oversold in postmarket trading and the data was “encouraging but early.”
  • Xpeng ADRs (XPEV) rise 4.7% after the electric-vehicle maker is said to have received the green light from the Hong Kong stock exchange to list in the city. Peer Li Auto (LI) rises 2.4%, while Nio (NIO) gains 2.1%.

The MSCI world equity index was up 0.1% on the day at 1101 GMT, having recovered from the one-month low it hit in the aftermath of the Fed’s meeting.

In Europe, the Stoxx 600 Index fell as much as 0.5% to a session low, with travel and leisure and retail shares underperforming the most.  All sectors in the red except energy and mining shares. Luxury shares are down after analyst downgrades. Here are some of the biggest European movers today:

  • Pernod Ricard shares jump as much as 4.3% to a record high after the French distiller upgraded its full-year Ebit growth guidance more than anticipated, according to Jefferies. Peers also advance: Diageo gains as much as 2%, Remy Cointreau +1.5% and Campari +1.2%
  • Abivax climbs as much as 15% to the highest since Feb. 16 following positive data from clinical trials of its rheumatoid arthritis drug.
  • Bank of Ireland drops as much as 6.4% to the lowest since April 21 after the Irish government said it will sell part of its stake in the lender.
  • Kering slips as much as 3.1% after HSBC downgraded luxury- goods stocks and said investors may “take a break” from names trading close to record valuations. Peers also fall: Hermes drops as much as 2.5%, LVMH -1.8%, Richemont -2.2%, Burberry -2.3%
  • Shop Apotheke Europe drops as much as 5.1% after Metzler downgraded the stock to hold from buy, with analyst Tom Diedrich saying the latest news flow on e-prescriptions could dampen market optimism. Zur Rose Group falls as much as 5.8%

Early European PMI data showed that euro zone business growth accelerated at its fastest pace in 15 years in June as the easing of more lockdown measures and the unleashing of pent-up demand drove a boom in the bloc’s dominant services industry. The Euro area composite flash PMI increased by 2.1pt to 59.2 in June, continuing to beat consensus expectations. In a reversal of the cross-country pattern from May, the area-wide improvement was led by Germany, with a softer-than-expected PMI in France but further gains in the periphery. In the UK, the composite PMI declined by more than expected but remained close to its all-time high from May.

  • Euro Area Composite PMI (June, Flash): 59.2, consensus 58.8, last 57.1.
    • Euro Area Manufacturing PMI (June, Flash): 63.1, consensus 62.3, last 63.1.
    • Euro Area Services PMI (June, Flash): 58.0, consensus 58.0, last 55.2.
  • Germany Composite PMI (June, Flash): 60.4, consensus 57.6, last 56.2.
  • France Composite PMI (June, Flash): 57.1, consensus 59.0, last 57.0.
  • UK Composite PMI (June, Flash): 61.7, consensus 62.5, last 62.9.

Germany’s private sector growth was also lifted to its highest level in more than a decade in June, the PMI survey showed. In France, business activity edged higher, but not as much as expected. In Britain, growth in the private sector cooled slightly from the all-time high hit in May, but inflation pressures faced by firms hit record levels. The Bank of England meets on Thursday.

Berenberg economists Holger Schmieding and Kallum Pickering wrote in a note to clients that the euro zone economy is likely to recover to its pre-pandemic level of GDP in Q4 2021, while for Britain it will be Q1 2022.

UBP’s Kazmi said that he is positioned for higher yields in Europe, as it overtakes the United States in terms of vaccinations, lockdown easing and economic recovery from COVID-19.

“It will be interesting to see if the German Bund can follow the U.S. rate move with yields moving higher in Europe – it is something that we think could happen,” he said. “The fact that the Fed has moved more hawkishly will allow the ECB to be more comfortable perhaps in moving more hawkish, or less dovish, over time.”

Earlier in the session, Asian equities posted a modest advance, led by Hong Kong and Taiwan. The MSCI Asia Pacific Index was up 0.3%, set for a second straight day of gains. Property and IT shares climbed, offsetting a decline in consumer staples and industrial stocks. Hong Kong’s Hang Seng Index rose by the most in more than two months while Taiwan’s benchmark also jumped, driven by an advance in tech shares including Meituan, TSMC and MediaTek. The Asian measure’s mild move on Wednesday lies in contrast to its outsized swings in the past few sessions following the Fed’s hawkish pivot last week. Fed officials moved to clarify their stance this week, with Powell on Tuesday saying authorities would be patient in waiting to lift borrowing costs. “Powell is trying to calm the markets, and I think that should be a positive turn of pace through Asia,” said Gary Dugan, chief executive officer at Global CIO Office in Singapore. The current valuations of Asian stocks are “cheap,” he added. Japan stocks steadied after a wild two-day ride that saw the Nikkei 225 slump 3.3% on Monday and then recoup almost all those losses in the following session. Indonesia’s Jakarta Composite Index was the worst performer among major national benchmarks as the country struggles to contain the coronavirus outbreak.

Japan’s Topix declined as the market attempted to settle following a dramatic swing over the past two days. Electronics and auto makers were the biggest drags on the benchmark, which fell 0.5%. The Nikkei 225 closed little changed, with Fast Retailing the largest support while Eisai dropped. The Topix slid 2.4% on Monday before rebounding 3.2% on Tuesday, as investors reassessed the rally in cyclical-heavy Japan since late 2020 amid concerns over inflation and the timing of interest-rake hikes. The blue-chip Nikkei 225 is currently hovering around 29,000, in the middle of the 2,000-point range in which it has traded for most of the year. “It’s likely for investors to be inclined to take profits whenever the Nikkei 225 tops the 29,000 mark,” said Shingo Ide, chief equity strategist at NLI Research Institute. “Still, local corporate earnings are likely to improve, meaning more companies will likely revise up their forecasts, so the downside will be firmly supported with people kicking in to buy when the Nikkei 225 falls below 29,000.”

India’s benchmark equity index declined the most in two weeks, dragged by Reliance Industries after struggling for direction during the day.  Out of 30 shares in the Sensex index, 8 rose, while 22 fell. Sixteen of the 19 sector indexes compiled by BSE Ltd. tumbled, with a measure of oil and gas companies leading the losers. Stocks swung between gains and losses several times through the session against the backdrop of a steady ramp up in coronavirus vaccinations and the reassurance of policy support from the U.S Federal Reserve. The S&P BSE Sensex closed down 0.5%, with the NSE Nifty 50 Index falling by a similar magnitude. “Nifty continues to witness selling pressure at higher levels,” Manish Hathiramani, technical analyst at Deen Dayal Investments said in a note. “A buy-on-dips approach would be the most prudent way to trade this market.” Reliance Industries Ltd. was the biggest drag on both indexes, falling 0.9%. The nation’s largest company by market capitalization will hold its annual general meeting on Thursday.

In rates, Treasuries were slightly cheaper and the yield curve is steeper, with 10-year yields at around 1.477%, cheaper by 1bp. The long end steepened the 5s30s curve by more than 1bp, although the spread at close to 124.2bp it remains inside Tuesday’s range. The Asian session saw light volumes and low activity, while open interest points to a continued unwinding of positions into the ongoing Treasuries bear steepening move. Treasury auctions continue Wednesday with a $61b 5-year note sale at 1pm ET; offering follows a soft 2-year sale on Tuesday. In Europe, Bund futures are just off session highs having traded at -0.176%. Peripheral spreads tighten to core, 10y Bund/BTP spread narrows ~2bps.

In FX, the Bloomberg Dollar Spot Index hovered around its 200-day moving average as it gave up an earlier advance when the euro erased losses following better-than-forecast PMIs out of Germany and the euro-zone. The greenback was mixed versus its Group-of-10 peers though most currencies traded in more confined ranges compared to moves over the past week. The krone advanced as oil prices rose after an industry report pointed to another decline in U.S. crude stockpiles. The pound swung between modest losses and gains against the dollar, as investors positioned for a potentially more hawkish tone from the Bank of England at its Thursday decision. Options show the pound may stay above recent lows even if the BOE makes a case for selling pressure. Australian and New Zealand dollars reversed an Asia-session loss, even as Covid-19 restrictions were tightened in both nations. The yen fell toward its lowest level in more than a year as sentiment got a boost after Federal Reserve officials said interest rates are unlikely to rise anytime soon.

In commodities, Brent crude oil futures rose above $75 a barrel, their highest in more than two years, after an industry report pointed to another decline in U.S. crude stockpiles.

Elsewhere, bitcoin was up around 5% on the day, above the $34,000 mark. The cryptocurrency dropped to as low as $28,600 on Tuesday – its lowest since January. Ether was trading around $2,000.

The U.S. is set to report new home sales in May on Wednesday. The data “is unlikely to offer any major surprises,” Kaia Parv, head of investment research at FXPRIMUS, wrote in emailed comments. “These figures should mimic the trend of rolling off as we saw with existing home sales earlier this week.”

To the day ahead now, data releases include US new home sales for May, while from central banks, we’ll hear from ECB President Lagarde, Vice President de Guindos, and the Fed’s Bowman, Bostic and Rosengren.

Market Snapshot

  • S&P 500 futures up 0.1% to 4,240.50
  • STOXX Europe 600 down 0.1% to 455.92
  • MXAP up 0.4% to 206.75
  • MXAPJ up 0.9% to 693.70
  • Nikkei little changed at 28,874.89
  • Topix down 0.5% to 1,949.14
  • Hang Seng Index up 1.8% to 28,817.07
  • Shanghai Composite up 0.2% to 3,566.22
  • Sensex little changed at 52,613.89
  • Australia S&P/ASX 200 down 0.6% to 7,298.45
  • Kospi up 0.4% to 3,276.19
  • Brent Futures up 0.9% to $75.50/bbl
  • Gold spot up 0.3% to $1,783.78
  • U.S. Dollar Index little changed at 91.71
  • German 10Y yield fell 0.4 bps to -0.167%
  • Euro little changed at $1.1941

Top Overnight News from Bloomberg

  • Chancellor Angela Merkel’s cabinet approved plans to increase borrowing by 99.7 billion euros ($119 billion) next year to help finance Germany’s pandemic response
  • IHS Markit said its key index of activity in the U.K. was only slightly below the record posted in May, with firms responding to rising workloads by taking on staff at the fastest pace since it began collecting data in 1998; output-price inflation hit a new record as firms passed on higher costs to customers
  • “In the second quarter of the year as well as in the second half of the year, we expect very significant growth in the euro-area,” ECB Vice President Luis de Guindos said in online event
  • Treasury moves have been large post- Fed, but changes in curvature have been historically extreme. The past four sessions have seen futures open interest collapse, with the equivalent of $37 billion in 10-year bond positions being wiped out
  • Morgan Stanley plans to bar employees who aren’t vaccinated against Covid-19 from entering its offices in the New York area, as a growing number of major Wall Street firms delay the return of staff who aren’t protected against the deadly virus
  • Poland should shrug off inflationary fears and keep its key interest rate near zero until its economy fully bounces back, central banker Jerzy Zyzynski said
  • The Czech Republic will probably follow regional neighbor Hungary by starting a campaign to lift borrowing costs to eliminate the risk of inflation spiraling out of control

Quick look at global markets courtesy of Newsquawk

Asia-Pac equities saw mixed trade and failed to fully benefit from the firmer performance seen on Wall Street, where the Nasdaq Composite closed at an all-time high as Microsoft joined Apple in the USD 2trl club, whilst the S&P 500 was just short of a new closing record. US equity futures held a mild upside bias – the NQ (+0.2%), ES (+0.1%), RTY (+0.1%), and YM (+0.1%) all saw modest broad-based gains ahead of the next raft of Fed speakers. ASX 200 (-0.4%) was pressured as the gains across its mining, telecoms, and tech stocks failed to offset the losses in the Financials and Healthcare sectors. The Nikkei 225 (Unch) briefly topped 29k as the softer currency underpinned the exporter-heavy index. The KOSPI (+0.4%) remained cautious as tensions between Washington and Pyongyang simmered in the background. The Hang Seng (+1.6%) was bolstered by gains across its large-cap oil and financial stocks, whilst the Shanghai Comp (+0.5%) was contained, with friction reported in the Taiwanese Strait after a US destroyer sailed through the waters in what was seen as a sign of provocation in Beijing. Finally, JGB futures are relatively flat as it tracks price action across UST futures.

Top Asian News

  • Apple Daily to Shut Down at Midnight After Hong Kong Arrests
  • China, U.S. May Hold Diplomatic Talks Next Week, FT Reports
  • Australian Law Could Force Facebook, Google to Strip Content
  • Monthly Bargain Days Boost Southeast Asia’s Online Spending

European equities (Stoxx 600 -0.5%) painted a relatively mixed picture at the start of the session with initial pressure seemingly stemming from misses across the board on French flash PMIs for June. A better-than-expected report from Germany and the Eurozone was unable to help revive sentiment with the Stoxx 600 unable to surmount the index’s record high of 460.5 posted on June 14th. As the morning progressed the initial equity pressure has picked up with fresh catalysts slim though cash bourses remain somewhat mixed as the FTSE 100, for instance, benefits from mining strength. Separately, analysts at JP Morgan note that Europe is currently experiencing a faster pace of upgrades than any other region and still has room to continue its uptrend vs. the US. Stateside, futures trade largely unchanged ahead of the US entrance to market with no real bias towards growth/value. From a sectoral standpoint, Oil & Gas names sit at the top of the leaderboard with Brent crude rising to its best level since October 2018. Basic Resources are also performing well with BHP (+0.8%) a notable gainer in the sector after being upgraded to overweight from equal weight at Morgan Stanley. While Pernod Ricard (+2.4%) is currently the biggest gainer in the Stoxx 600 after raising guidance amid a stronger than expected recovery from the pandemic. At the other end of the spectrum, Luxury names have been in focus after a slew of broker moves at HSBC which has sent the likes of Kering (-3.0%), Hermes (-1.9%) and Burberry (-0.2%) lower.

Top European News

  • U.K. Poised to Ease Travel Curbs as Airlines Step Up Demands
  • London Looks Past Brexit to Eclipse Rivals in Emerging Markets
  • Private Equity Faces Off Hedge Fund Shorts in Bid for U.K. Plc
  • Londoners Snap Up Luxury Homes as Rich Foreigners Are Locked Out

In FX, a stellar start to Wednesday’s session for Sterling amidst reports of optimism on both sides of the NI protocol divide that a stop-gap solution can be found to the trade spat, while the Pound also scaled several chart and psychological hurdles vs the Dollar and Euro respectively that have been capping upside momentum. Specifically, the 100 DMA at 1.3944 and yesterday’s 1.3963 high that aligns with a Fib retracement (38.2% of the retreat from 1.4250 peak on June 1st to this Monday’s 1.3787 low) were all breached to expose 1.4000 in Cable, and Eur/Gbp crossed 0.8550 to the downside on the way to a circa 0.8530 multi-month low before bouncing in wake of somewhat contrasting flash UK PMIs. Conversely, the Yen’s fortunes are going from bad to worse it seems as Usd/Jpy has now surpassed 111.00 inching beyond prior YTD peaks and now eyeing 111.10, with reports that the Japanese Government is thinking about tightening regulations regarding foreign investment in important tech firms hardly helping.

  • USD – Aside from Yen underperformance and a fragile Franc (latter still straddling 0.9200), the Greenback is gradually losing more of its post-FOMC vigour vs G10 peers and EM counterparts. Indeed, the DXY is slipping further from 92.000 having already retreated into another lower range from last week’s peak (92.408), and in tech terms closing below a Fib support level for the 2nd consecutive day following a round of Fed speak offering a less hawkish/more dovish spin compared to Monday. However, the index is holding just above yesterday’s 91.643 trough, for now, within a 91.900-682 band awaiting more US housing data, Markit’s prelim PMIs and the next batch of Fed officials, including Bowman, Bostic and Rosengren.
  • NZD/AUD – The Kiwi and Aussie have both recovered well from overnight lows just under 0.7000 and sub-0.7550 against their US rival irrespective of latest COVID-19 outbreaks in Wellington and NSW that prompted NZ to lift the capital’s alert status to level 2 and the state premier to announce new restrictions for hotspots including Sydney. Nzd/Usd is back up near 0.7050 and Aud/Usd is eyeing 0.7575 having cleared the 200 DMA (0.7560) with some belated assistance perhaps via the CBA revising its RBA outlook markedly (the bank now anticipates a hike in November 2022 vs 2024 previously).
  • CAD/EUR – Another and firmer rebound in oil prices has helped the Loonie pare more of its recent losses to probe resistance offers through 1.2300 in the run up to Canadian retail sales, while mostly better than expected Eurozone flash PMIs (after an initial French scare) are contributing to the Euro’s efforts to stay comfortably afloat of 1.1900.
  • SCANDI/EM – Brent’s bounce beyond Usd 75/brl alongside WTI on the back of bullish private crude inventory data is boosting the Nok, Rub and Mxn, while the Sek is deriving some underlying support from a sharp upgrade to this year’s GDP estimate from the Swedish Finance Ministry and the Try is taking remarks from the CBRT about protecting the Lira at face value. Elsewhere, the Zar has shrugged off slightly weaker than forecast SA core CPI against the backdrop of relative stability in Gold, but the Cnh and Cny remain on a weaker footing in line with PBoC fixings.

In commodities, a slower session for the crude complex in terms of newsflow updates after yesterday’s multiple source reports relating to OPEC+ potentially considering increasing production and the benchmarks are now back at prices near/above yesterday’s best levels. Specifically, WTI and Brent August’21 contracts post gains of ~1.0% on the session at the top end of a USD 1/bbl range for Brent which is now trading in the mid USD 75.50/bbl region. Focus this morning has been on yesterday’s bullish private inventory report, particularly referencing the headline crude figure which posted a draw of -7.2mln vs exp. -3.9mln, ahead of the EIA release due later today. Elsewhere, geopolitical development has seen outgoing Iranian President Rouhani’s Chief of Staff announced that parties in Vienna have agreed to lift economic sanctions on Iran; however, Rouhani is the outgoing President so it remains to be seen how relations will transfer and develop when Raisi, who has already refused a President Biden meeting, takes over. Subsequently, Germany’s Foreign Minister says that there are still some issues but acknowledges progress has been made on the nuclear talks. Moving to metals, spot gold and silver have been very contained throughout the morning though modestly firmer on the session taking advantage of USD pressure. For base metals attention remains firmly on the action of China whose State Planner has sent teams to begin investigation commodity pricing and supply. Nonetheless, the likes of platinum, palladium and LME copper remain firmer on the session.

US Event Calendar

  • 8:30am: 1Q Current Account Balance, est. -$206.2b, prior -$188.5b
  • 9:45am: June Markit US Services PMI, est. 70.0, prior 70.4
  • 9:45am: June Markit US Manufacturing PMI, est. 61.5, prior 62.1
  • 10am: May New Home Sales, est. 865,000, prior 863,000; MoM, est. 0.2%, prior -5.9%;

DB’s Jim Reid concludes the overnight wrap

5 years ago today we saw the U.K. vote for Brexit. Since this day, Sterling is -6.24% vs the Dollar and +4.87% vs the Euro, 10yr gilts have rallied -59bps (10yr Treasuries and Bunds have rallied -28bps and -26bps for context) and the FTSE is +11.9% (S&P 500 + 100.9% and Stoxx 600 +31.8%). Those who believe it was a bad idea continue to feel as strongly as ever and those who believe it was a good idea also share the same convictions. My only comment is that I can’t believe how quickly five years has gone.

I wonder what we’ll be saying about the Fed actions in recent weeks in five years time? For now calming remarks from Fed officials meant that risk assets have now regained their poise after last week’s FOMC wobble. Before the numerous Fed speakers, even 10yr US yields briefly traded higher than their pre-FOMC levels (European bonds closed above). However a steady but notable bond rally started with the Fed commentary which in turn helped equity markets power ahead.

The early speakers indeed helped set the tone with New York Fed President Williams reassuring markets that rates hikes were “still way off in the future”, while Cleveland Fed President Mester (a non-voter this year) said that they weren’t at a point to dial back accommodation, but that it may come under consideration this Autumn.

Fed Chair Powell later testified before the House of Representatives’ Select Subcommittee on the Coronavirus Crisis. The Chair received numerous questions on inflation and the Fed’s role and ability to curtail it. Chair Powell stuck to the script that, “a pretty substantial part, or perhaps all of the overshoot in inflation comes from categories that are directly affected by the re-opening of the economy such as used cars and trucks.” However as he mentioned last week, that view requires some level of humility and he acknowledged that those price “effects have been larger than we expected and they may turn out to be more persistent than we expected.” Powell also noted that the FOMC “will wait for actual evidence of actual inflation or other imbalances” before moving rates higher and not react to projections. The S&P 500 rose about 0.35% during the testimony before moderating a bit into the close, while US 10yr treasury yields fell another -1.5bps having rallied with the earlier Fed speak.

Running through the moves in response, US equities continued to advance as the S&P 500 (+0.51%) moved to within just quarter of a per cent of last week’s all-time closing high, whilst the VIX index of volatility fell a further -1.2pts as it subsided from its own recent high on Friday. New records were also set, with the NASDAQ (+0.79%) hitting a new record as tech stocks continued to power ahead, though small-cap stocks fared less well with the Russell 2000 closing up +0.43%. The US equity rally was fairly broad based with 18 of 24 industry groups gaining with a mix of technology and cyclicals stocks amongst the best performers. In fact the only two industries that fell over -0.25% yesterday were the defensive, bond-proxies real estate (-0.44%) and utilities (-0.68%). There were similar advances in Europe too, where the STOXX 600 (+0.26%), the FTSE 100 (+0.39%) and the DAX (+0.21%) all moved higher on the day.

For US Treasuries, yesterday saw a further steepening in the yield curve, albeit small, with the 2s10s (+0.1bps) and the 5s30s (+0.9bps) both moving higher. That was driven by a rally at the front end, with 2yr yields moving down -2.6bps on the day to 0.228%, whereas 30yr yields were down -2.4bps to 2.09%. We also saw a 2nd day running of higher inflation expectations, with the 10yr breakeven up +4.2bps to 2.32%, which brings its rise over the last 2 sessions to +8.2bps, although lower real yields helped the 10yr Treasury yield to move -2.5bps lower on the day, closing at 1.463%. At the day’s highs (1.507%) 10yr yields were actually +2.3bps higher that just before the FOMC announcement and 30yr yields (2.147%) were just -3bps lower than their pre-FOMC levels. At those intraday highs, the respective bonds were +15.5bps and +22.1bps higher than their Monday morning Asian yields lows. So a wild swing but markets are slowly getting acclimatized to the fact that the Fed didn’t say anything that outlandish last week. They just caught up closer to reality. For Europe it was a slightly different picture however, as 10yr yields on bunds (+0.7bps), OATs (+0.3bps) an BTPs (+2.2bps) all rose on the day.

Asian markets are largely posting gains this morning with the Nikkei (+0.07%), Hang Seng (+1.46%), Shanghai Comp (+0.46%) and Kospi (+0.38%) all up. Futures on the S&P 500 are also up +0.14% while the dollar index is up +0.11% in early trade today. Elsewhere, commodity prices are mostly trading up with DCE iron ore (+4.17%), Copper (+1.00%), SHF steel rebar (+2.12%) and oil prices (c. 0.50%) all higher. Treasury yields are broadly flat.

Looking ahead, the main highlight today will be the release of the flash PMIs for June. Back in May, the final numbers showed that growth was still maintaining decent momentum, with the Euro Area composite PMI coming in at 57.1, the strongest in over 3 years, while the US composite PMI was at 68.7, which is the strongest since the data goes back to in October 2009. Price pressures will be scrutinised and it’s possible the recent commodity dip will ease input prices even if supply chain issues still remain. Overnight, we’ve already had the numbers in from Japan and Australia, which showed Japan’s preliminary manufacturing PMI softening to 51.5 from 53.0 last month while the services reading improved to 47.2 from 46.5. Australia’s manufacturing PMI also softened to 58.4 (vs. 60.4 last month), the same trend as the Services PMI which came in at 56.0 (vs. 58.0 last month).

While Bitcoin ended the session up +0.98% at $32,903, at one point the cryptocurrency fell beneath $30,000 in trading for the first time since late January. The cryptocurrency is on track for its 3rd successive monthly decline now, and given it started the year at $28,996 it’s not too far away from having erased its entire YTD gains (it did intra-day), after peaking at an intra-day high of $64,870 back on April 14. So in spite of being all the rage during its ascent in Q1, you’d actually have better YTD returns right now from the mast majority of traditional assets in our monthly performance review suite.

In terms of the latest on the pandemic, there were signs that border restrictions could still be around in 2022 after Dow Jones reported that China would keep its pandemic border restrictions for at least another year, according to those familiar with the matter. Separately in the UK there was continued concern about the spread of the delta variant, as yesterday saw the 7-day average of new cases surpass 10,000 for the first time since February. That said, the one good piece of news is that the latest wave has seen the age distribution of cases shift substantially lower relative to previous waves, and younger groups are much less likely to be severely affected by the virus relative to older groups.

Concerns around the spread of the delta variant has also led to Wellington, capital city of New Zealand, raising its alert level to 2, a step below a lockdown while in Australia, Sydney has decided to impose new restrictions, including compulsory mask-wearing at all indoor venues such as workplaces and shops to control the outbreak. Taiwan has also decided to extend its soft lockdown by another two weeks to June 28. Elsewhere, the White House noted that the US is unlikely to reach 70% of adults with at least one shot by July 4th, however they are likely to get to 70% of all those over the age of 27 by the holiday.

Looking at yesterday’s data, US existing home sales fell to an annualised rate of 5.80m in May (vs. 5.73m expected), marking the 4th consecutive monthly decline. Separately, the Richmond Fed’s manufacturing survey for June saw the composite index rise to 22 (vs. 18 expected). And over in Europe, the European Commission’s advance consumer confidence reading for the Euro Area in June rose to -3.3 (vs. -3.1 expected), which is its highest level since January 2018.

To the day ahead now, and the aforementioned flash PMIs for June will likely be the main highlight. Otherwise, data releases include US new home sales for May, while from central banks, we’ll hear from ECB President Lagarde, Vice President de Guindos, and the Fed’s Bowman, Bostic and Rosengren.

3A/ASIAN AFFAIRS

i)WEDNESDAY MORNING/ TUESDAY NIGHT: 

SHANGHAI CLOSED UP 8.81 PTS OR 0.25%   //Hang Sang CLOSED UP 507.31 PTS OR 1.79%      /The Nikkei closed DOWN 507.31 pts or 1.79%  //Australia’s all ordinaires CLOSED DOWN 0.53%

/Chinese yuan (ONSHORE) closed UP TO 6.4765  /Oil DOWN TO 73.41 dollars per barrel for WTI and 75.35 for Brent. Stocks in Europe OPENED ALL RED EXCEPT LONDON  //  ONSHORE YUAN CLOSED  UP AGAINST THE DOLLAR AT 6.4765. OFFSHORE YUAN CLOSED DOWN ON THE DOLLAR AT 6.4796   : /ONSHORE YUAN TRADING BELOW LEVEL OF OFFSHORE YUAN/ONSHORE YUAN TRADING STRONGER AGAINST USA DOLLAR/OFFSHORE YUAN TRADING STRONGER AGAINST THE DOLLAR /TRADE DEAL NOW DEAD..TRUMP  RAISED RATES TO 25%//

 

3 a./NORTH KOREA/ SOUTH KOREA

NORTH KOREA//USA/SOUTH KOREA

 

END

b) REPORT ON JAPAN

JAPAN/CORONAVIRUS UPDATE.

END

3 C CHINA

CHINA//ORIGINS OF THE CORONAVIRUS//USA
 
Leading USA scientist find China scrubbed early COVID data that could have helped explain its origins
(zerohedge)

Leading US Scientist Finds China Scrubbed Early COVID Data That Could Help Explain Origins

 
WEDNESDAY, JUN 23, 2021 – 02:40 PM

A leading US expert in influenza viruses has discovered that early sequences of the coronavirus genome from a global database at the request of Chinese researchers.

Professor Jesse Bloom, who works at the Fred Hutchinson Cancer Research Center in Seattle, found a project by Wuhan University which sequenced 34 positive COVID-19 cases from January 2020, as well as 16 cases in early February in which researchers looked into diagnosing a SARS-CoV-2 infection using a technique known as nanopore sequencing.

While the results of their researcher were published in March as a pre-print, and in June following peer review, the genomic sequences obtained during the course of their research – and uploaded to the US-maintained Sequence Read Archive (SRA) within the National Institutes of Health – were removed by a process that could have only taken place if the SRA staff were asked to do so, according to The Telegraph.

The sequences, which have been recovered from cloud storage and published in a pre-print, have been described by experts as “the most important data” on the origins of Covid-19 in more than a year. 

The recovered data does not support either the “natural origins” or “lab leak” theory over the pandemic’s source, scientists say. However, it suggests the virus was circulating in Wuhan earlier than previously thought, and could perhaps point toward answers on the origins of Sars-CoV-2 – answers that could not only help end this pandemic but prevent the next one. 

The emergence of the sequences also suggests there is more data from the early days of the epidemic that China is sitting on, and which may be recoverable by investigators. 

Bloom writes in a lengthy Twitter thread: “Although events that led to emergence of #SARSCoV2 in Wuhan are unclear (zoonosis vs lab accident), everyone agrees deep ancestors are coronaviruses from bats. Therefore, we’d expect the first #SARSCoV2 sequences would be more similar to bat coronaviruses, and as #SARSCoV2 continued to evolve it would become more divergent from these ancestors. But that is *not* the case! Instead, early Huanan Seafood Market #SARSCoV2 viruses are more different from bat coronaviruses than #SARSCoV2 viruses collected later in China and even other countries. @lpipes @ras_nielsen give nice technical analysis at https://academic.oup.com/mbe/article/38/4/1537/6028993.”

The NIH confirmed that the removal of the data, telling the Telegraph that they had “reviewed the submitting investigator’s request to withdraw the data,” and removed it.

“The requestor indicated the sequence information had been updated, was being submitted to another database, and wanted the data removed from SRA to avoid version control issues,” said a spokesperson, adding “Submitting investigators hold the rights to their data and can request withdrawal of the data.”

Bloom published his findings on the preprint server bioRxiv.

e preprint server bioRxiv.

 

END

 

CHINA/DELTA STRAIN// CORONAVIRUS

The Delta strain is creating havoc to Guangdong province:  China is to keep border restrictions for at least another year. They should be giving its citizens Ivermectin plus daily doses of Vitamin D

(zerohedge)

China To Keep COVID Border Restrictions For At Least Another Year

 
TUESDAY, JUN 22, 2021 – 06:25 PM

As Beijing contends with a COVID outbreak in Guangdong that has spread to an important manufacturing hub while exacerbating issues at a port in Shenzen, WSJ reports that Chinese officials are preparing to keep their pandemic border restrictions in place for at least another year as officials scramble to suppress mutant strains like the “Delta” variant.

A provisional timeline that would see restrictions lifted during the second half of next year was reportedly set during a mid-May meeting of the State Council, Beijing’s equivalent of the president’s cabinet. The meeting was also attended by officials from the Foreign Ministry as well as China’s National Health Commission, among other departments.

As WSJ explains, the new cautious attitude is being drive by a pair of extremely sensitive upcoming events: China will host the winter Olympics in February. Later, a once-in-a-decade transition of power within the CCP is set for November. The Party Congress is expected to culminate with President Xi Jinping securing a third term in office as he prepares to extend his rule over the world’s largest country beyond the customary two terms.

Since the COVID-19 outbreak first erupted in Wuhan in late 2019, China has taken heavy handed measures to stamp out the virus that are still on display today in the areas where COVID lockdowns are in effect. By restricting visas to those who have already been vaccinated and maintaining quarantine requirements of 14 days for all visitors upon arrival, China’s health officials have successfully combated imported cases.

As the pandemic worsened, Beijing – which once criticized President Trump’s travel restrictions – became one of the most fastidious countries pertaining to its border controls. Beijing has been accelerating its vaccine rollout, and economists at Goldman Sachs expect 80% of Chinese adults to be fully vaccinated by the fall.

At this point, Beijing would likely relax travel restrictions for countries with high vaccination rates, with countries that recognize Chinese vaccines likely seeing first priority.

It’s expected that once China does ease restrictions, travel between the mainland, Hong Kong and Macau would be the first to see restrictions lifted. Both Hong Kong and Macau haven’t reported any new infections in weeks. China’s biggest flareup is currently centered in the southern province of Guangdong, which isn’t far from the two special administrative regions.

 

END

CHINA/

Delta strain on the warpath in China striking megacities

Asia Times

and special thanks to Robert H for sending this to us:

Robert to me:

“As places like Toronto open up, it will not be long before this hits along with whatever variants result. And I wage flights from China will continue”.

China scrambles as delta strain strikes megacities

Virus variant that originated in India causing ‘breakthrough’ infections among vaccinated people in China
A health inspector checks the temperature of a passenger at a subway station in Guangzhou, a city on the forefront of China’s defense against new strains of Covid. Photo: Xinhua

China is calling for tighter seals on its borders as Covid-19 infections rise in its two southern megacities, where holes in their defenses have allowed the highly contagious delta strain to spread since May.

The lives of up to 60 million people in Guangzhou and Shenzhen, as well as surrounding areas, have been upended by the B.1.617.2 strain, also known as delta, which originated in India and the World Health Organization (WHO) warns could soon become the world’s dominant strain. The WHO recently described delta as the “fittest” of the viral strains.

Guangzhou has logged at least 153 cases of the variant in the month since the first patient surfaced. The woman had not traveled beyond the city limits for 12 months and thus the source of her infection puzzled epidemiologists.   

Other than quarantine for close contacts in locked-down communities, persistent citywide mass testing and restrictions on gatherings are in place for Guangzhou residents, who must produce a clean medical slate 48 hours before they venture outside the city.

Even so, there have been reports of travelers from Guangzhou being rounded up and isolated elsewhere in the nation. 

The city’s modest caseload by international standards does not appear to justify such draconian measures but Guangzhou is now being referred to as China’s new Wuhan, the original epicenter of the contagion.

Guangzhou is on a wartime footing amid the resurgence sparked by the Delta strain from India. Photo: China News Service

Xinhua quoted Guangzhou medical professionals treating delta variant cases as saying that shorter incubation periods, higher viral loads among patients and faster aggravation of severe conditions all make the new strain more dangerous than Wuhan’s initial strain of the disease.  

Some also suspect there is a gap between official caseload figures in Guangzhou and the actual situation on the ground.

One case in point is that asymptomatic carriers are not counted toward confirmed cases. The fact that the delta variant is still spreading in Guangzhou, almost a month into the city’s all-out mobilization and lockdowns, has raised concerns about the new variant’s staying power. 

In the neighboring city of Shenzhen, a new cluster was recently discovered at its sprawling airport after a health inspector contracted the delta strain after receiving an Air China plane from Johannesburg, South Africa, that was found to have 16 cases.

He is responsible for infections involving his wife, airport restaurant waiters and passengers at the airport subway station. Shenzhen and Dongguan officials are now scrambling to test a total of 8 million city and area residents.  

Now, airports and ports in Guangzhou and Shenzhen have started corralling international arrivals into standalone, fully sealed-off facilities for testing and checks amid calls to shut the border altogether and stop receiving foreign flights and ships. 

Mass testing of residents in Guangzhou with staff at some open-air testing centers facing torrential rain to collect samples. Photo: Xinhua

Guangzhou’s usually bustling CBD is deserted amid the latest outbreaks. Photo: WeChat

In a feature about the new strain, the state-backed Global Times has criticized rival India’s “sluggish, shambolic” response to its “avalanche of outbreaks” in previous months that unleashed the “monster strain” upon the world, just when the pandemic had started to abate in Asia and the West.

The nationalistic tabloid also cited Chinese Center for Disease Control (CDC) experts in a separate report as saying that even though etiological investigations in Guangzhou had yielded no results, the modest flare-up in southern China “has its ultimate origin in India.” 

At the same time, Chinese state media has until now played down the fact that a dozen infected patients in Guangzhou and Shenzhen had been fully inoculated with locally made vaccines, raising new questions about the efficacy of Sinovac and Sinopharm-made jabs. 

However, a Xinhua circular that appeared in almost all newspapers in China on Tuesday shifted focus to stress Chinese vaccines’ “outstanding” protection against severe complications and fatalities even though the shots may not protect people from catching the virus in the first place, particularly the more contagious delta strain. 

Feng Zijian, a senior Chinese CDC researcher, told Xinhua that “immune escape” and “breakthrough infections” had also been observed in the West where inoculated people succumbed to Covid-19. 

“Our data show that among the infected patients in Guangzhou and Shenzhen, those who have received jabs show far fewer occurrences of severe symptoms or conditions requiring immediate intervention, like using ventilators,” said Feng.

A nurse holds her arm after receiving the Sinovac vaccine in Hong Kong. Photo: AFP / Peter Parks

China had reputedly administered close to 1.4 billion doses nationwide as of Monday, with daily figures hitting 20 million since this month, according to a daily immunization tracker updated by the National Health Commission, which did not specify the number of those fully vaccinated.

China’s CDC recently set a higher herd immunity threshold of 85% of its 1.3 billion-plus population, higher than the internationally recommended 70%, seen by some as a tacit admission of the lower efficacy rates of Chinese shots vis-a-vis Western-made ones like Pfizer-BioNTech and Moderna’s. 

A recent University of Hong Kong comparison of antibody levels in groups inoculated with Chinese and Western vaccines showed that takers of BioNTech’s mRNA jabs show significantly higher antibody concentrations than those inoculated with Sinovac’s attenuated shots.

The research was commissioned by Hong Kong’s government. The city is among the few places where both Chinese and Western vaccines are rolled out for universal immunization. 

In a tacit admission of the risks going forward, Chinese airlines and rail operators have been told to slash Beijing-bound departures from Guangzhou and Shenzhen to a minimum and tighten health inspection and control of arrivals, according to WeChat and Weibo posts.

The Chinese capital is counting down to big public celebrations and parades to mark the centenary of the Communist Party on July 1. 

 

4/EUROPEAN AFFAIRS

EUROPE/CORONAVIRUS/DELTA STRAIN

 
 
END
 
UK
 

END

5. RUSSIAN AND MIDDLE EASTERN AFFAIRS

RUSSIA/UK
Big news this morning:  A Russian Fleet Warship fires warning shots near a British destroyer
This is heating up!! Russia has always stated that they will protect their interests in the Black Sea
(zerohedge)
 

Russian Black Sea Fleet Warship Fired Warning Shots Near British Destroyer

 
WEDNESDAY, JUN 23, 2021 – 07:21 AM

Tensions are heating up between NATO and Russia in the Black Sea Region as a Russian patrol ship fired warning shots near HMS Defender, a British Royal Navy destroyer, for violating Russia’s maritime borders, according to Russian state-owned news agency RIA, citing the Russian Ministry of Defence. 

At 1152 local time, HMS Defender sailed across “the Russian border and entered the territorial sea at Cape Fiolent for three kilometers,” RIA said. 

Around 1206 and 1208, the Russian patrol ship fired warning shots. After nine minutes, Sukhoi Su-24 attack aircraft performed warning bombing maneuvers towards the British vessels. 

This may be the approx. location of the incident area

According to Bloomberg, a Su-24 attack plane “dropped 4 bombs in ship’s path.” 

At 1233, the British warship exited the maritime borders of Russia. 

Russian Senator Sergei Tsekov told RIA the warship’s movements were a “flagrant violation of international norms.” 

Things that make you go hmm… 

*This story is developing… 

END

RUSSIA

Putin pens an Op Ed encouraging partnership with Europe and hopes openness despite the past.

The west should take this olive branch immediately

(zerohedge)

Putin Pens Op-Ed Encouraging “Partnership” With Europe, Urges Openness “Despite The Past”

 
WEDNESDAY, JUN 23, 2021 – 05:00 AM

An article by the President of Russia has been published in the German weekly newspaper Die Zeit and is timed to coincide with the 80th anniversary of the beginning of the Great Patriotic war. (emphasis ours)

Being Open, Despite the Past

On June 22, 1941, exactly 80 years ago, the Nazis, having conquered practically the whole of Europe, attacked the USSR. For the Soviet people the Great Patriotic War – the bloodiest one in the history of our country – began. Tens of millions of people lost their lives, the economic potential of the country and its cultural property were severely damaged.

We are proud of the courage and steadfastness of the heroes of the Red Army and home front workers who not only defended the independence and dignity of our homeland, but also saved Europe and the world from enslavement. Despite attempts to rewrite the pages of the past that are being made today, the truth is that Soviet soldiers came to Germany not to take revenge on the Germans, but with a noble and great mission of liberation. We hold sacred the memory of the heroes who fought against Nazism. We remember with gratitude our allies in the anti-Hitler coalition, participants in the Resistance movement, and German anti-fascists who brought our common victory closer.

Having lived through the horrors of the world war, the peoples of Europe were nevertheless able to overcome alienation and restore mutual trust and respect. They set a course for integration in order to draw a final line under the European tragedies of the first half of the last century. And I would like to emphasize that the historical reconciliation of our people with the Germans living both in the east and the west of modern united Germany played a huge role in the formation of such Europe.

I would also like to remind that it was German entrepreneurs who became ”pioneers“ of cooperation with our country in the post-war years. In 1970, the USSR and the Federal Republic of Germany concluded a ”deal of the century“ on long-term natural gas supplies to Europe that laid the foundation for constructive interdependence and initiated many future grand projects, including the construction of the Nord Stream gas pipeline.

We hoped that the end of the Cold War would be a common victory for Europe. It seemed that just a little more effort was needed to make Charles de Gaulle’s dream of a single continent – not even geographically ”from the Atlantic to the Urals“, but culturally and civilizationally ”from Lisbon to Vladivostok“ – become a reality.

It is exactly with this logic in mind – the logic of building a Greater Europe united by common values and interests – that Russia has sought to develop its relations with the Europeans. Both Russia and the EU have done a lot on this path.

But a different approach has prevailed. It was based on the expansion of the North Atlantic Alliance which was itself a relic of the Cold War. After all, it was specifically created for the confrontation of that era.

It was the bloc’s movement eastwards – which, by the way, began when the Soviet leadership was actually persuaded to accept the united Germany’s accession to NATO – that turned into the main reason for the rapid increase in mutual mistrust in Europe. Verbal promises made in that time such as ”this is not directed against you“ or ”the bloc’s borders will not get closer to you“ were quickly forgotten. But a precedent was set.

And since 1999, five more “waves” of NATO expansion have followed. Fourteen new countries, including the former Soviet Union republics, joined the organization, effectively dashing hopes for a continent without dividing lines. Interestingly, this was warned about in the mid-1980s by Egon Bahr, one of the SPD leaders, who proposed a radical restructuring of the entire European security system after German unification, involving both the USSR and the United States. But no one in the USSR, the USA or Europe was willing to listen to him at the time.

Moreover, many countries were put before the artificial choice of being either with the collective West or with Russia. In fact, it was an ultimatum. The Ukrainian tragedy of 2014 is an example of the consequences that this aggressive policy has led to. Europe actively supported the unconstitutional armed coup in Ukraine. This was where it all started. Why was it necessary to do this? Then incumbent president Yanukovych had already accepted all the demands of the opposition. Why did the USA organize the coup and the European countries weak-heartedly support it, provoking a split within Ukraine and the withdrawal of Crimea?

The whole system of European security has now degraded significantly. Tensions are rising and the risks of a new arms race are becoming real. We are missing out on the tremendous opportunities that cooperation offers – all the more important now that we are all facing common challenges, such as the pandemic and its dire social and economic consequences.

Why does this happen? And most importantly, what conclusions should we draw together? What lessons of history should we recall? I think, first and foremost, that the entire post-war history of Greater Europe confirms that prosperity and security of our common continent is only possible through the joint efforts of all countries, including Russia. Because Russia is one of the largest countries in Europe. And we are aware of our inseparable cultural and historical connection to Europe.

We are open to honest and constructive interaction. This is confirmed by our idea of creating a common space of cooperation and security from the Atlantic to the Pacific Ocean which would comprise various integration formats, including the European Union and the Eurasian Economic Union.

I reiterate that Russia is in favour of restoring a comprehensive partnership with Europe. We have many topics of mutual interest. These include security and strategic stability, healthcare and education, digitalization, energy, culture, science and technology, resolution of climate and environmental issues.

The world is a dynamic place, facing new challenges and threats. We simply cannot afford to carry the burden of past misunderstandings, hard feelings, conflicts, and mistakes. It is a burden that will prevent us from concentrating on the challenges at hand. We are convinced that we all should recognize these mistakes and correct them. Our common and indisputable goal is to ensure security on the continent without dividing lines, a common space for equitable cooperation and inclusive development for the prosperity of Europe and the world as a whole.

end

RUSSIA/GERMANY/FRANCE

Germany and France now seek an EU-Russia summit after Putin’s positive Op ed this morning and after the Balck Sea warning shots.

(zerohedge)

Germany, France Seeking EU-Russia Summit After ‘Positive’ Putin Op-Ed & Black Sea ‘Warning Shots’

 
WEDNESDAY, JUN 23, 2021 – 12:05 PM

A day after Russian President Vladimir Putin published an op-ed in the German weekly newspaper Die Zeit which urged openness to positive Russia-Europe relations toward “partnership” and not confrontation – an op-ed wherein he dubbed NATO “a relic of the Cold War” – there are fresh, somewhat unexpected reports that Germany and France are now urging a new EU strategy for “closer engagement” with Moscow.

It also comes exactly a week after the historic Biden-Putin summit where contrary to the apparent hopes of much of the US mainstream media, there were generally “friendly” vibes between the two leaders in Geneva. According to the new FT report on Wednesday: “Diplomats stated that German Chancellor Angela Merkel hopes that the European Union will consider inviting the Russian President to participate in a summit with EU leaders, an initiative supported by French President Emmanuel Macron.”

During a December 2019 summit in Paris, via Reuters.

The report cites diplomatic insiders who say “at a meeting in Brussels on Wednesday, ambassadors representing Berlin and Paris put forward new proposals on relations with the Kremlin, which made other EU capitals untenable.”

EU communications with Putin have remained at a low-point, and essentially non-existent in terms of any formal mechanism, since Crimea came under Russia which the West has long condemned as an act of “annexation” and expansionist aggression committed against Ukraine. 

The FT report notes crucially that Biden’s Secretary of State Antony Blinken has been quietly meeting with EU leaders in order to keep positive momentum going in the direction of diplomatic reengagement with Russia. “US Secretary of State Anthony Brinken also held talks with the government in Berlin this week,” FT reports.

And more details are being reported as follows:

Germany believes that the Biden-Putin summit provides a template for restoring relations with Russia. Merkel meets regularly with Putin, but advocates finding a form for the EU to express its opinions on Russia.

…The proposed new outreach activities with Moscow may alarm some EU member states, such as the Baltic States and Poland, which are adjacent to Russia and want to take a tougher stance against the Kremlin.

No doubt what could be hastening such efforts is the growing state of military tensions in the Black Sea, where on Wednesday major escalation came in the form of “warning shots” fired by a Russian frigate on a British warship as it came near Crimea.

So now on the ground Russia is showing willingness to “shoot first” if it perceives its territory is under threat, while in the media on a broader diplomatic scale Putin is signaling an olive branch if only serious dialogue gets off the ground again (…also after a series of sanctions in the past months related to Navalny and human rights in Russia).

Recall some of Putin’s own words yesterday

The whole system of European security has now degraded significantly. Tensions are rising and the risks of a new arms race are becoming real. We are missing out on the tremendous opportunities that cooperation offers – all the more important now that we are all facing common challenges, such as the pandemic and its dire social and economic consequences.

Why does this happen? And most importantly, what conclusions should we draw together? What lessons of history should we recall? I think, first and foremost, that the entire post-war history of Greater Europe confirms that prosperity and security of our common continent is only possible through the joint efforts of all countries, including Russia. Because Russia is one of the largest countries in Europe.

A foremost factor threatening to derail any early attempts to restore regular diplomatic communications and EU-Russia cooperation is the US domestic factor (and this holds true in a number of European countries as well), where politics has of late turned into a competition in Russia-bashing of sorts, making positive communications which might avert eventual conflict increasingly difficult.

Additionally, in recent months there’s been escalating tit-for-tat sanctions and travel bans against officials leveled between the Kremlin and some European capitals, related to Alexei Navalny but also accusations and counteraccusations of spy operations run out of consulates and embassies. 

Biden and Putin agreeing last week to restore each side’s diplomats could be the start of a major reversal of the prior trend of “ambassadors being sent home”; however significant hurdles still remain – not the least of which are continued ratcheting sanctions, the latest of which were announced by Washington as recently as this past Sunday.

UKRAINE/UK/RUSSIA
Ukraine and UK are to build warships and establish naval bases together and this will annoy Russia immensely.
(zerohedge)

Ukraine And UK To Build Warships, Establish Naval Bases Together

 
WEDNESDAY, JUN 23, 2021 – 02:00 AM

Via SouthFront.org,

Ukraine and Great Britain have agreed on the joint construction of warships and bases for the domestic Navy, the press service of the Defense Ministry of Ukraine announced.

On June 21 in Odesa aboard the HMS DEFENDER missile destroyer of the Royal Navy, Defence Procurement Minister of Great Britain Jeremy Quin and Deputy Defense Minister of Ukraine Oleksandr Myroniuk signed “a memorandum on maritime partnership projects between the UK industry consortium and the Ukrainian Navy,” the ministry said.

In particular, the memorandum provides for the joint design and construction of warships in Ukraine and Great Britain, the reconstruction of Ukrainian shipbuilding enterprises and the construction of two bases of the Ukrainian Naval Forces.

The signing ceremony took place aboard one of the most modern ships of the Royal Navy, HMS Defender, and was witnessed by the Secretary of the National Security and Defence Council of Ukraine Oleksiy Danilov, the First Sea Lord Admiral Tony Radakin and the British Ambassador to Ukraine Melinda Simmons.

They also observed joint training activity of Ukrainian, UK and US Special forces.

HMS Defender arrived in Odesa on Friday. This magnificent warship is the second Royal Navy ship to visit Odesa in the last couple of weeks after HMS TRENT.

Joint naval projects and regular warships visits are important examples of the close ties between the UK and Ukraine, as partners and friendly nations.

The HMS DEFENDER destroyer arrived in Odesa last Friday, June 18. This is the second Royal Navy warship to visit Odesa in the last few weeks, after HMS TRENT.

“This is another step in the development of bilateral cooperation between Ukraine and the UK, which is aimed at strengthening the Ukrainian fleet as it continues to face danger in the Black and Azov seas,” the Ukrainian defense ministry said.

The UK will help Ukraine revive its shipbuilding industry, the Ukrainian defense ministry said. The two countries will design and build warships in Ukraine and in the UK and set up two bases for the Ukrainian navy.

END

MIDDLE EAST/IRAN//USA

Who cares: USA websites seizure could disrupt nuclear talks

(zerohedge)

Iran Says US Websites Seizure Could Disrupt Nuclear Talks

 
WEDNESDAY, JUN 23, 2021 – 11:05 AM

Tehran has warned that the latest move by the US Department of Justine to seize over 30 websites run by Iranian state-linked media, including most notably PressTV’s English-language website, could be detrimental to the Biden White House’s desire to negotiate a restored nuclear deal in Vienna.

Starting Tuesday websites across the Middle East began showing messages where their homepages once were of “This website has been seized” for violating laws related to sanctions on US foreign enemies (as they were hosted on US-owned domains). This included Iranian, Palestinian, Yemeni, Iraqi news channels – with 33 websites being deemed controlled or at least closely associated with the Islamic Republic.

The Iranian presidency’s office slammed the drastic action as “not constructive” to the ongoing nuclear dialogue in Vienna, suggesting it could put a finalized deal in doubt – also at a sensitive moment that a new hardline president was just elected, set to take office at the start of August.

“We are using all international and legal means to… condemn… this mistaken policy of the United States,” the Chief of Staff of the President of Iran, Mahmoud Vaezi, told reporters. “It appears not constructive when talks for a deal on the nuclear issue are under way.”

AFP describes further of Tehran’s response: “Iran’s state broadcaster accused the US of repressing freedom of expression, while the president’s office questioned the timing of the move as talks on bringing Washington back into the 2015 nuclear agreement between Tehran and major powers are reportedly making headway.”

And here’s more on the IRGC links to many of the outlets, which reportedly made them a target for the US domain seizures:

The 33 websites were held by the Iranian Islamic Radio and Television Union (IRTVU), itself controlled by the Islamic Revolutionary Guard Corps’ Quds Force (IRGC).

Both the IRTVU and IRGC have been placed on the US sanctions blacklist, making it illegal for Americans, US companies, and foreign or non-American companies with US subsidiaries to have business with them or their subsidiaries.

Kataeb Hezbollah, the Iraqi group which owned three sites that were seized, is a hardline military faction with close ties to Tehran that Washington has formally designated a terror group.

In recent years there’s been notable instances of the federal government actually charging individuals on US soil for providing access to Lebanese Hezbollah’s television network.

However, this week’s action appears to the most far-reaching crackdown effort yet on Iranian-linked media. Likely many of the websites will simply migrate over to a .ir domain in order to evade the DOJ order.

END

IRAN

Iran targeted again:  they say that it foiled a new sabotage attack on a nuclear facility. We will see! If it is a sabotage attack no question that Israel is behind the attack and would signal that Bennet is continuing on what Netanyahu started.

(zerohedge)

Iran Says It Foiled New ‘Sabotage Attack’ On Nuclear Facility

WEDNESDAY, JUN 23, 2021 – 02:00 PM

Iran on Wednesday announced security services prevented a “sabotage attack” on a civilian nuclear site at a moment JCPOA negotiations in Vienna are said to be headed toward an uncertain conclusion.

The alleged sabotage attempt targeted an Iranian Atomic Energy Organization building in Karaj city, which is northwest of Tehran. Iranian officials gave few details, nor did they reveal the precise form the sabotage took, other than to say the incident “left no casualties or damages and was unable to disrupt the Iranian nuclear program,” as the AP reported.

It comes after a string of mysterious incidents throughout the past year which have periodically taken Iranian nuclear and key industrial facilities offline – the most famous of which was the Natanz cyberattack of summer 2020, widely blamed on Israel.

The AP presents some further details of the sensitive Iranian sites in Karaj as follows:

While it was not clear which Karaj facility had been targeted, the AP noted that the area is home to two known sites connected with Iran’s nuclear program, including the Karaj Agricultural and Medical Research Center.

According to the IAEA, the center uses nuclear technology to improve the “quality of soil, water, agricultural and livestock production.”

What makes this newest alleged sabotage attack interesting is that it comes just after Iran elected a new hardline president (who will be sworn in later this summer), and just after a new Israeli prime minister has been sworn in.

This past weekend, new Prime Minister Naftali Bennett picked up right where Netanyahu left off in warning the world against restoring the Joint Comprehensive Plan of Action (JCPOA). Bennett in Sunday remarks for the first time commented on Iran’s presidential election. In particular he seized on the Islamic hardliner credentials of the winner of Friday’s election, Ebrahim Raisi, saying that world powers negotiating in Vienna must “wake up”. 

“Raisi’s election is, I would say, the last chance for world powers to wake up before returning to the nuclear agreement, and understand who they are doing business with,” Bennett said.

If a sabotage attack is confirmed Wednesday, it could suggest Bennett is continuing Netanyahu’s covert “dirty tricks” campaign targeting military and nuclear sites inside the Islamic Republic. 

With the uncertain status of negotiations among world powers in Vienna, it’s very likely Tel Aviv is actually stepping up its efforts to ramp up the pressure via espionage against Iranian sites.

 

END

6.Global Issues

CORONAVIRUS UPDATE/VACCINE//IVERMECTIN

Robert to me:
 
 
 
 
If you can accept this as being truthful and being correct then this whole vaccine narrative is nonsense and does not address the threat of coronavirus. This would perhaps explain why people who are fully vaccinated are getting a variant of Covid. One imagines that getting a jab is similar to doing some dope or drinking excessively or smoking and not paying attention to potential harm. It is always about choice. But  when choice becomes forced it is called coercion, and that is not ok. 

So what is the real purpose behind this? A time to perhaps to look squarely at the Great reset crowd and their agenda for you? 

Cheers

Robert
 

Latest peer-reviewed research: Immediate global ivermectin use will end COVID-19 pandemic

 

Read Time:2 Minute, 29 Second

WASHINGTON, D.C. – Peer reviewed by medical experts that included three U.S. government senior scientists and published in the American Journal of Therapeutics, the research is the most comprehensive review of the available data taken from clinical, in vitro, animal, and real-world studies. Led by the Front Line COVID-19 Critical Care Alliance (FLCCC), a group of medical and scientific experts reviewed published peer-reviewed studies, manuscripts, expert meta-analyses, and epidemiological analyses of regions with ivermectin distribution efforts all showing that ivermectin is an effective prophylaxis and treatment for COVID-19.

“We did the work that the medical authorities failed to do, we conducted the most comprehensive review of the available data on ivermectin,” said Pierre Kory, M.P.A., MD, president and chief medical officer of the FLCCC. “We applied the gold standard to qualify the data reviewed before concluding that ivermectin can end this pandemic.”

A focus of the manuscript was on the 27 controlled trials available in January 2021, 15 of which were randomized controlled trials (RCT’s), the preferred trial of the World Health Organization, U.S. National Institutes of Health, and the European Medicines Agency. Consistent with numerous meta-analyses of ivermectin RCT’s since published by expert panels from the UK, Italy, Spain, and Japan, they found large, statistically significant reduction in mortality, time to recovery and viral clearance in COVID-19 patients treated with ivermectin.

To evaluate the efficacy of ivermectin in preventing COVID-19, 3 RCT’s and 5 observational controlled trial’s including almost 2,500 patients all reported that ivermectin significantly reduces the risk of contracting COVID-19 when used regularly.

Many regions around the world now recognize that ivermectin is a powerful prophylaxis and treatment for COVID-19. South Africa, Zimbabwe, Slovakia, Czech Republic, Mexico, and now, India, have approved the drug for use by medical professionals. The results as seen in this latest study demonstrate that the ivermectin distribution campaigns repeatedly led to “rapid population-wide decreases in morbidity and mortality.”

“Our latest research shows, once again, that when the totality of the evidence is examined, there is no doubt that ivermectin is highly effective as a safe prophylaxis and treatment for COVID-19,” said Paul E. Marik, M.D., FCCM, FCCP, founding member of the FLCCC and Chief, Pulmonary and Critical Care Medicine at Eastern Virginia Medical School. “We can no longer rely on many of the larger health authorities to make an honest examination of the medical and scientific evidence. So, we are calling on regional public health authorities and medical professionals around the world to demand that ivermectin be included in their standard of care right away so we can end this pandemic once and for all.”

###

The published research can be found in the latest edition of the American Journal of Therapeutics: https://journals.lww.com/americantherapeutics/Fulltext/2021/00000/Review_of_the_Emerging_Evidence_Demonstrating_the.4.aspx

Source: Latest peer-reviewed research: Immediate global ivermectin use will end COVID-19 pandemic

END
 
 Oxford University explores ivermectin treatment.  They are late.
(Reuters)

Oxford University explores anti-parasitic drug ivermectin as COVID-19 treatment

June 23 (Reuters) – The University of Oxford said on Wednesday it was testing anti-parasitic drug ivermectin as a possible treatment for COVID-19, as part of a British government-backed study that aims to aid recoveries in non-hospital settings.

Ivermectin resulted in a reduction of virus replication in laboratory studies, the university said, adding that a small pilot showed giving the drug early could reduce viral load and the duration of symptoms in some patients with mild COVID-19. read more

Dubbed PRINCIPLE, the British study in January showed that antibiotics azithromycin and doxycycline were generally ineffective against early-stage COVID-19. read more

While the World Health Organization, and European and U.S. regulators have recommended against using ivermectin in COVID-19 patients, it is being used to treat the illness in some countries, including India. read more

 

“By including ivermectin in a large-scale trial like PRINCIPLE, we hope to generate robust evidence to determine how effective the treatment is against COVID-19, and whether there are benefits or harms associated with its use,” co-lead investigator of the trial Chris Butler said.

People with severe liver conditions, who are on blood-thinning medication warfarin, or taking other treatments known to interact with ivermectin, will be excluded from the trial, the university added.

Ivermectin is the seventh treatment to be investigated in the trial, and is currently being evaluated alongside antiviral drug favipiravir, the university said.

END

What does Buffet know that we do not:  the vaccines?  Strange that he is resigning from the Gates Foundation

(zerohedge)

Warren Buffett Resigns From Gates Foundation Board

 
WEDNESDAY, JUN 23, 2021 – 07:50 AM

In another potential indicator of how public opinion has turned against Bill Gates in the weeks since he and his now ex-wife Melinda Gates disclosed their divorce plans, financier Warren Buffett has resigned as a trustee of the Bill and Melinda Gates Foundation. Buffett’s position on the board was a major PR coup for the foundation, which is one of the world’s biggest charitable enterprises.

Buffett, now 90, announced his decision to step down from the Gates Foundation board in a statement that also announced he had reached the halfway point in giving his Berkshire Hathaway shares to charity. Buffett gave away another $4.1 billion in Berkshire shares to give foundations.

In a statement shared with CNBC, Buffett said he was resigning from the Gates Foundation board “just as I have done at all corporate boards other than Berkshire’s”.

“For years I have been a trustee – an inactive trustee at that – of only one recipient of my funds, the Bill and Melinda Gates Foundation. I am now resigning from that post, just as I have done at all corporate boards other than Berkshire’s,” Buffett said in a statement. “The CEO of BMG is Mark Suzman, an outstanding recent selection who has my full support. My goals are 100% in sync with those of the foundation, and my physical participation is in no way needed to achieve these goals.”

While it’s true that Buffett has slowly been pulling back from his non-Berkshire activities for years now, the timing of his departure from the Gates Foundation board is certainly curious. As Buffett himself concedes, he was an “inactive” member of the board. The board includes two other members, Bill and Melinda. Maybe Buffett simply couldn’t stomach the awkwardness at board meetings.

Melinda Gates reportedly divorced her husband over his friendship with Jeffrey Epstein, something that Buffett has been mum about – though Warren Buffett was never tied to Epstein like many other titans of American business and finance have been.

Buffett has contributed $27 billion to the Gates Foundation over the past 15 years. Mark Suzman, the foundation’s chief executive officer, told employees last month that he was in talks to strengthen “the long-term sustainability and stability of the foundation.”

Suzman “is an outstanding recent selection who has my full support,” Buffett said. Suzman has insisted that both Bill and Melinda remain committed to the Foundation even after their divorce.

end

The Globe will now shift its attention to hospitalizations rather than numbers of cases.  Probably correct!

(zerohedge)

‘Casedemic’ Over? Wealthy Nations Focus On Hospitalizations As COVID Becomes “Endemic” Like The Flu

 
WEDNESDAY, JUN 23, 2021 – 04:15 AM

Some experts are questioning whether a “booster” dose will even be necessary for most healthy people in the coming months as epidemiologists continue to keep a close eye on the spread of the “Delta” mutant COVID strain that is partly responsible for the UK’s decision to delay the unwinding of its lockdown. In wealthy countries like the US, the link between infections and deaths has diminished. Now, in some places, instead, the focus is shifting to learning to live with COVID, like we have learned to live with the flu.

In this paradigm, the number of confirmed cases won’t matter as much as the number of hospitalizations.

“It’s possible we’ll get to a stage of only monitoring hospitalizations,” said Jennifer Nuzzo, an epidemiologist at Johns Hopkins Coronavirus Resource Center, which has built one of the most comprehensive platforms to track the virus and its impact, making it a critical source of international data on the pandemic.

Before vaccinations took off in the US, UK and Europe, a spike in case numbers almost invariably led to a surge in hospitalizations and deaths, perhaps with a modest delay. But now, with most of the most vulnerable already vaccinated, scientists and government officials are keen to see whether the widening scope of vaccinations will finally break the cycle. The situation in the UK is the most compelling example to date.

Roughly 46% of the British population is fully vaccinated, helping reduce daily deaths to the lowest level since last summer. Yet cases of the delta variant, a more transmissible strain first identified in India, have almost doubled in the past week, Public Health England said Friday. Hospitalizations also ticked higher, though most of the hospitalized patients haven’t been fully vaccinated.

Source: Bloomberg

But even if the virus spreads further among children and non-vaccinated young adults, the true test of the immunization campaign will be whether hospitalizations and deaths stay low. If they do stay low, many experts will take this as a sign that COVID has transformed into a pandemic into a manageable seasonal illness.

Once this happens, scientists say comparing the prevalence of COVID to the flu, which kills about 650K people globally each year, will become an important yardstick come next fall and winter. COVID has killed more than 3.8MM people since the start of 2020, but vaccinated countries should eventually be able to treat its periodic resurgences in the same way as they do the flu.

“Comparing to seasonal influenza impact is an appropriate one when talking about things like closing schools,” said Nuzzo. “What do we do with influenza? Would we do this in a normal flu season?”

Already, several US states have reduced the frequency with which they are reporting new COVID-19 cases. Other countries are worried about taking their eye off the ball, even for a minute. For an example of just how dangerous this can be, critics point to Taiwan, which saw cases briefly spike higher earlier in the spring.

“When we look at Taiwan, which is the best of the best, it underscores the vulnerability of these countries,” said Nuzzo. “They are not going to be able to relax until they’re able to vaccinate more widely.”

As we have previously reported, the FDA has been laying the groundwork for this shift since shortly before Biden was inaugurated. Evidence has existed for months suggesting that the “casedemic” – epitomized by the surge in cases seen during the holiday season through January – was the result of overly sensitive testing picking up too many asymptomatic “cases.”

How? Well, as we have reported, “cycle thresholds” (Ct) are the level at which widely used polymerase chain reaction (PCR) test can detect a sample of the COVID-19 virus. The higher the number of cycles, the lower the amount of viral load in the sample; the lower the cycles, the more prevalent the virus was in the original sample.

Looking ahead, scientists have warned that even as vaccination numbers improve, there’s always a risk that the virus could evolve into a more vaccine-resistant strain.

Source: Bloomberg

As things stand, don’t expect the US, or any country, to reach the zero-case threshold any time soon. At this point, officials expect that COVID will be something “we have to live with….there will be new variants,” said Marc Baguelin, an epidemiologist at Imperial College London. “It’s something that’s always happening in the background.”

end

Ivermectin explained……a good read

https://articles.mercola.com/sites/articles/archive/2021/06/16/ivermectin-for-covid-19-infection.aspx

COVID, Ivermectin and the Crime of the Century

Analysis by Dr. Joseph Mercola

STORY AT A GLANCE

  • Data clearly show ivermectin can prevent COVID-19 and when used early can keep patients from progressing to the hyper-inflammatory phase of the disease. It can even help critically ill patients recover
  • Ivermectin has a long history of use as an antiparasitic, but its antiviral properties have been under investigation since 2012
  • Studies have shown ivermectin inhibits replication of SARS-CoV-2 and seasonal influenza viruses, inhibits inflammation through several pathways, lowers viral load, protects against organ damage, prevents transmission of SARS-CoV-2 when taken before or after exposure, speeds recovery and lowers risk of hospitalization and death in COVID-19 patients
  • Doctors have been told not to use ivermectin as large controlled trials are still lacking. However, once you can see from clinical evidence that something is working, then conducting controlled trials becomes unethical, as you know you’re condemning the control group to poor outcomes or death. In fact, this is the exact argument vaccine makers now use to justify the elimination of control groups and giving everyone the vaccine
  • The Frontline COVID-19 Critical Care Alliance recommends widespread use of ivermectin for all stages of COVID-19, including prevention

In the video above, DarkHorse podcast host Bret Weinstein Ph.D., interviews Dr. Pierre Kory about the importance of early treatment of COVID-19 and the shameful censoring of information about ivermectin, which has been shown to be very useful against this infection.

It’s no small irony then that YouTube deleted this interview, which is why I embedded a Bitchute version. How this interview could possibly be labeled as misinformation is a mystery, considering all they do is discuss published research. Not to mention, they’re both credentialed medical science experts.

Kory, a lung and ICU specialist and former professor of medicine at St. Luke’s Aurora Medical Center in Milwaukee, Wisconsin, is the president and chief medical officer1 of the Frontline COVID-19 Critical Care Alliance (FLCCC). Another founding member of FLCCC is Dr. Paul Marik2 who, as noted by Kory, is the most-published intensive care specialist who is still practicing medicine and seeing patients.

Marik, known for having created an effective sepsis treatment protocol, was asked by a group of peers early on in the pandemic to help create a treatment protocol for COVID-19. The resulting collaboration led to the creation of the FLCCC. Each of the five founding members has treated critical illnesses for decades and, as Weinstein says, they are “unimpeachable. You couldn’t ask for better credentials. You couldn’t ask for a better publication record.”

Yet, despite stellar credentials and being on the frontlines treating hundreds of COVID-19 patients, they have been dismissed as “kooks on the fringe, making wild-eyed claims,” Weinstein says. How can that be? Initially, the FLCCC insisted, based on the evidence, that COVID-19 was a corticosteroid-dependent disease and that corticosteroids were a crucial part of effective treatment.

 

“I was actually invited to give Senate testimony back in May [2020] where I testified that it was critical to use corticosteroids; that lives are being lost [because we weren’t using it],” Kory says.

“As you might know, I got killed for that. We got killed for that. We were totally criticized for not having an evidence-base. [Yet] our reading of the evidence was that you had to use it. So that basically that’s how we came together, and that was the first components of our protocol.”

Ivermectin Suitable for All Treatment Stages

The FLCCC’s COVID-19 protocol was initially dubbed MATH+ (an acronym based on the key components of the treatment), but after several tweaks and updates, the prophylaxis and early outpatient treatment protocol is now known as I-MASK+3 while the hospital treatment has been renamed I-MATH+,4 due to the addition of ivermectin.

The two protocols — I-MASK+5 and I-MATH+6 — are available for download on the FLCCC Alliance website in multiple languages. The clinical and scientific rationale for the I-MATH+ hospital protocol has also been peer-reviewed and was published in the Journal of Intensive Care Medicine7 in mid-December 2020.

Since those early days, the FLCCC has been vindicated and corticosteroids, as well as blood thinners, are now part of the standard of care for COVID-19 in many places. The same cannot be said for the remainder of the protocols, however, including the use of ivermectin, which continues to be suppressed, despite robust clinical evidence supporting its use in all phases of COVID-19.8,9 As noted by the FLCCC:10

“The data shows the ability of the drug Ivermectin to prevent COVID-19, to keep those with early symptoms from progressing to the hyper-inflammatory phase of the disease, and even to help critically ill patients recover.

… numerous clinical studies — including peer-reviewed randomized controlled trials — showed large magnitude benefits of Ivermectin in prophylaxis, early treatment and also in late-stage disease. Taken together … dozens of clinical trials that have now emerged from around the world are substantial enough to reliably assess clinical efficacy.”

Kory has testified to the benefits of ivermectin before a number of COVID-19 panels, including the Senate Committee on Homeland Security and Governmental Affairs in December 202011 and the National Institutes of Health COVID-19 Treatment Guidelines Panel in January 2021.12

 

A Disease of Phases

As noted by Kory, they rather quickly realized that COVID-19 was a disease with very specific phases, and that successful treatment depended on the phase the patient was currently in. It starts out as a general viral syndrome, much like a cold or flu. Most patients recover without incidence. However, in a subset of patients, things take a turn for the worse after Day 5. Their oxygen level starts dropping and lung inflammation sets in.

“We now know that it’s a cell called a macrophage that gets activated and attacks the lungs,” Kory explains. “So, you have this sort of immune response that is attacking the lungs and the lungs start to fail … So, it’s predominantly a severe lung disease …

We knew relatively early on that by the time they get to the ICU … there’s not a lot of viral replication on going on. In fact, you can’t culture a virus after about Day 7 or 8. So, it’s actually a disease of inflammation, not viral invasion …

So, you didn’t have to go after the virus at that point, you had to actually check the inflammation … What we think triggers [the] inflammation is actually the viral debris. It’s the RNA that triggers this massive response. It’s not the virus. It’s actually the debris of the dead virus that does it.”

Kory notes that after having treated the first handful of patients, he realized that anticoagulants, blood thinners, were needed, as there was abnormal blood clotting going on in all of them. Yet for some reason the medical community was, again, told not to do it because there were no clinical trials supporting the use of anticoagulants for a viral illness.

“It was bizarre,” Kory says. “They were like, you can’t observe, you can’t make clinical reasoning, you can’t deduce, you need a trial before you do [anything] … Everyone talks about evidence-based. I’m like, what about experience-based medicine? I’ve been doing this for 30 years. Why can’t I do what my experience tells me to do? …

You couldn’t actually doctor. I felt like I was being handcuffed. I I’ve never seen that in my life before … I have the sense that doctors have been forcibly demoted from the position of scientific clinician to technician …

I’ve never been asked before to get advice from … desk jockeys. I mean, they’re not on the front lines … I’ve never been asked to do that before. I’ve always been asked to use the best extent of my experience and judgment and insight to best help the patient. That’s the oath I took …

Instead we’re in this situation where if we open our mouth and say the wrong word, suddenly there are warnings appended to what we’ve said. It’s insane. It’s limiting discussion, limiting choices, limiting approaches.”

 

Overwhelming Evidence for Ivermectin

Kory spends a significant portion of the 2 1/2-hour interview reviewing the evidence for using ivermectin. This drug has a long history of use as an antiparasitic. It’s been credited with virtually eradicating onchocerciasis (river blindness), a condition caused by a parasitic worm. The drug was originally made from a soil organism found in Japan. However, as early as 2012, researchers started looking at ivermectin’s antiviral properties.

In April 2020, an Australian group showed ivermectin eradicated all viruses studied in as little as 48 hours, at least in the petri dish. Due to the state of emergency the world was in, some countries, including Peru, decided to recommend ivermectin to their population. It was well-known that the medication was safe, so the risk of doing so was very low.

As was the trend, Peruvian officials were roundly criticized for using an “unproven” remedy, and shortly thereafter, they removed it from the national guidelines. Some states continued to give it out, however, and according to Kory, each ivermectin campaign resulted in a precipitous decline in cases and deaths.

Marik was the first in the group to really take notice of the remarkable consistency in the studies using ivermectin. Kory dove into the research right behind him, and came to the conclusion that there indeed was something special about this drug. The population-based evidence was also very strong.

With regard to calls for randomized controlled trials, Kory points out that once you can see from clinical evidence that something really is working, then conducting controlled trials becomes more or less unethical, as you know you’re condemning the control group to poor outcomes or death. In fact, this is the exact same argument vaccine makers now use to justify the elimination of control groups by giving everyone the vaccine.

“When I posted our preprint November 13 [2020], I literally thought the pandemic was over,” Kory says. “We showed the basic science level. We showed multiple clinical trials. We showed the epidemiologic effects.

Everything was there to show that this is an intervention on the par of vaccines that could literally extinguish the pandemic, and quickly. I thought at the beginning that it was as simple as putting the evidence out there … and what happened? Crickets! Nothing happened …

I cannot believe that this is occurring. Literally, people are dying because they don’t know about this medicine. Providers are being told not to use the medicine … And I’ve never studied a medicine which has more evidence than this …

You have dozens of randomized controlled trials conducted by interested and committed clinicians from oftentimes low and middle income countries around the world. And there’s no conflicts of interest. None of them is going to make a million dollars by finding out that ivermectin works in COVID. None of them have a conflict of interest.”

For example, studies have shown ivermectin:13

Inhibits replication of many viruses, including SARS-CoV-2 and seasonal influenza viruses — In “COVID-19: Antiparasitic Offers Treatment Hope,” I review data showing a single dose of ivermectin killed 99.8% of SARS-CoV-2 in 48 hours.

An observational study14 from Bangladesh, which looked at ivermectin as a pre-exposure prophylaxis for COVID-19 among health care workers, found only four of the 58 volunteers who took 12 mg of ivermectin once per month for four months developed mild COVID-19 symptoms between May and August 2020, compared to 44 of the 60 health care workers who had declined the medication

Inhibits inflammation through several pathways

Lowers viral load

Protects against organ damage

Prevents transmission of SARS-CoV-2 when taken before or after exposure; speeds recovery and lowers risk of hospitalization and death in COVID-19 patients — The average reduction in mortality, based on 18 trials, is 75%.15 A WHO-sponsored review16 suggests ivermectin can reduce COVID-19 mortality by as much as 83%

Ivermectin Has Been Intentionally Suppressed

As noted by Weinstein, ivermectin appears to be intentionally suppressed. It’s simply not allowed to be a go-to remedy. The obvious question is why? Don’t they want to save lives? Isn’t that why we shut down the world?

“I would have these data arguments,” Kory says. “But it’s not about the data. There’s something else. There’s [something] out there that is just squashing, distorting, suppressing the efficacy of ivermectin, and its egregious.”

Indeed, as noted by Weinstein, it’s not even difficult to prove that ivermectin is being suppressed and censored. Censorship of certain COVID-related information, such as ivermectin, is written into the community guidelines. You’re not allowed to talk about it. If you do, your post will be censored, shadow-banned or taken down. If you persist, your entire account will be taken down.

Mexico’s Experience With Ivermectin

Another population-based experiment that demonstrates ivermectin’s real-world usefulness occurred in Mexico. Kory explains:

“Mexico did something which I think is the model for the world. I think, on a public health level, it’s what every country in the world should adopt, at a minimum. They [had a] clinicians committee.

They actually got expert clinicians [and] they gave them a seat at the table at the public health level. It’s called IMSS, Instituto Mexicano del Seguro Social. That’s the agency which controls a good portion of their healthcare infrastructure, mostly outpatient, I think …

In December, hospitals were filling. It was a crisis almost like in India. They decided to deploy ivermectin using a test and treat strategy. Basically, anyone who appeared at the testing booths, if you tested positive, you were given ivermectin at a reasonably low dose … 12 milligrams … and only two days’ worth. They got four pills [at 3 mg each].

And when they did that, you saw across Mexico this precipitous decline in deaths and hospitalizations. And, if you look a few months later, right now — and this is publicly available data — look at the occupancy of beds in hospitals in Mexico, throughout the entire country, we’re talking about 25% to 30% occupancy.

There’s nobody in the hospitals in Mexico. They’ve basically decimated COVID in that country by using a test and treat strategy … Those were real public health leaders. They made a risk-benefit decision. They used their clinical judgment and expertise to have the right people at the table.”

As noted by Kory, the IMSS was attacked by the federal health minister, but they fought back, and laid out the evidence supporting their decision. This included studies showing a 50% to 75% reduction in hospitalizations using just that four-pill regimen.

As for the FLCCC, they recommend dosages between 0.2 mg and 0.4 mg per kilogram when taken at first signs of mild symptoms. For mild disease, they recommend continuing the drug for five days. For moderate disease, of if you start taking it late, they recommend continuing until you’re recovered.

The in-hospital protocol involves higher doses. Keep in mind, however, that the FLCCC protocols include several other remedies, not just ivermectin, so be sure to review the latest guidance.17,18

Some regions in India have also used ivermectin. Kory believes the minister of Goa made some of the boldest moves in the world with regard to ivermectin, recommending all adults over the age of 18 to take ivermectin for five days, as a preventive. Uttar Pradesh also gave it out, while other states, such as Tamil Nadu, outlawed it. Here too, population-based data suggest ivermectin is tightly correlated with a decline in hospitalizations and deaths.

Where You Can Learn More

While ivermectin certainly appears to be a useful strategy, which is why I am covering it, it is not among my primary recommendations. In terms of prevention, I believe your best bet is to optimize your vitamin D level, as your body needs vitamin D for a wide variety of functions, including a healthy immune response.

What’s more, although ivermectin is a relatively safe drug, it can still have side effects. Vitamin D, on the other hand, is something your body absolutely requires for optimal health, which is why I would encourage you to focus on vitamin D first.

As for early treatment, I recommend nebulized hydrogen peroxide treatment,19,20 which is inexpensive, highly effective and completely harmless when you’re using the low (0.04% to 0.1%) peroxide concentration recommended.

All of that said, ivermectin and several other remedies certainly have a place, and it’s good to know they exist and work well. On the whole, there’s really no reason to remain panicked about COVID-19. If you want to learn more about ivermectin, there are several places where you can do that, including the following:

April 24 through 25, 2021, Dr. Tess Lawrie, director of Evidence-Based Medicine Consultancy Ltd.,21 hosted the first International Ivermectin for COVID Conference online.22

Twelve medical experts23 from around the world — including Kory — shared their knowledge, reviewing mechanism of action, protocols for prevention and treatment, including so-called long-hauler syndrome, research findings and real world data. All of the lectures, which were recorded via Zoom, can be viewed on Bird-Group.org24

An easy-to-read and print one-page summary of the clinical trial evidence for ivermectin can be downloaded from the FLCCC website25

A more comprehensive, 31-page review of trials data has been published in the journal Frontiers of Pharmacology26

The FLCCC website also has a helpful FAQ section where Kory and Marik answer common questions about the drug and its recommended use27

A listing of all ivermectin trials done to date, with links to the published studies, can be found on c19Ivermectin.com28

As noted by Lawrie during her closing address at the 2021 International Ivermectin for COVID Conference:29

“The story of Ivermectin has highlighted that we are at a remarkable juncture in medical history. The tools that we use to heal and our connection with our patients are being systematically undermined by relentless disinformation stemming from corporate greed.

The story of Ivermectin shows that we as a public have misplaced our trust in the authorities and have underestimated the extent to which money and power corrupts.

Had Ivermectin being employed in 2020 when medical colleagues around the world first alerted the authorities to its efficacy, millions of lives could have been saved, and the pandemic with all its associated suffering and loss brought to a rapid and timely end …

With politicians and other nonmedical individuals dictating to us what we are allowed to prescribe to the ill, we as doctors, have been put in a position such that our ability to uphold the Hippocratic oath is under attack.

At this fateful juncture, we must therefore choose, will we continue to be held ransom by corrupt organizations, health authorities, Big Pharma, and billionaire sociopaths, or will we do our moral and professional duty to do no harm and always do the best for those in our care?

The latter includes urgently reaching out to colleagues around the world to discuss which of our tried and tested safe older medicines can be used against COVID.”

END

From Robert to me on new problems with the vaccines…. losing motor skills!

from the big NaturalNews commentary..

 what are they doing to people?
 
“Then, as if that wasn’t bad enough, there’s this horrifying statistic: Among younger adults and youth, Covid-19 vaccines have KILLED over 250 times the amount of people the actual virus has killed. Let that sink in for a minute. Now why should any company or organization be ALLOWED to say the words “safe and effective” in the same sentence as vaccines, if you’re going to be censoring something?”
 

Permanent “lethargy syndrome” and long-term loss of motor skills now common “side-effects” of Covid-19 vaccines

(Natural News) Plain and simple, lethargy is a lack of enthusiasm and energy, but what causes it? It could just be normal response to stress, overworking, lack of a good night’s rest, or even lack of nutrition. Everyone is familiar with feeling sluggish and weak, but not permanently, immediately following inoculation with the Covid-19 vaccines. This is different. After a few weeks, and several doctor visits, nobody seems to be able to figure out what’s wrong, and that’s because the “science is settled” on vaccines, though not really at all.

Just because you say a slogan over and over doesn’t make it true. The Covid vaccines are very far from “safe and effective.” They’re outright dangerous and detrimental to health, including normal daily functioning. For example, motor skills are something most of us just take for granted on a daily basis, like standing, walking, climbing stairs, balancing, coordinating, reacting and so on. This would include gross motor skills and fine motor skills, but what if you suddenly lost many of these abilities, right after getting jabbed with these so-called “safe and effective” experimental concoctions?

Now, there’s a wave of victims of vaccine coming out and explaining how they’ve lost motor skills, some while experiencing relentless, excruciating pain for weeks or months on end. Some victims are saying these crippling “side effects” come on 3 or 4 days after inoculation, and are lasting for 3 to 4 months, including constant lethargy, excruciating shooting pains going up their spine and neck, blindness, deafness and depression.

All Covid-19 vaccines are documented as a “medical experiment” by “emergency use authorization” only, according to the CDC and FDA

We’re talking about the most experimental inoculation ever created, untested, unproven and classified by the FDA and CDC as a “medical experiment.” Oh, yes they did. Emergency Use Authorization was all they could get for this, and the drugged up animals are suffering from immediate and long-term health detriment.

Eric Clapton received the AstraZeneca Covid-19 vaccine and said, “I took the first jab of AZ and straight away had severe reactions which lasted ten days.” He said he thought he “would never play again.” Six weeks later he was told to take the second AZ shot, without being informed of any dangers whatsoever. Clapton said his body’s reactions were disastrous, and froze his hands and feet, rendering them “useless for two weeks.”

He suffers peripheral neuropathy now, even though the vaccine propaganda machine can only spew out the same tired lie in response to every injury and every death, claiming every single Covid-19 vaccine is 100 percent safe and 100 percent effective, at all times, everywhere, for everyone.

Will Eric Clapton ever play guitar again? Some people have gone deaf and blind too after getting these toxic Covid jabs

In the United Kingdom, 35 people have gone deaf almost immediately after getting the Covid-19 vaccine, and 25 others went blind after getting stuck with the mRNA inoculations. This is tracked by their yellow card system (similar to our VAERS system) that posts injuries, side effects and “adverse events” – which already reveals over 190,000 cases/reports.

These include varying degrees of extreme injuries. AstraZeneca’s vaccine accounted for 60 percent of all of these, including responsibility for 58 percent of the people who went blind or deaf. Tack on over 400 deaths reported in just this yellow card system, with nearly half of those attributed to Pfizer’s deadly concoction.

This is news you never hear on mainstream media USA networks. This is completely banned from any postings, videos or memes on ALL social media platforms, including YouTube. As far as Americans know, there are ZERO problems with any vaccines ever made, including all of these dirty, blood-clotting jabs for Covid-19. They simply have no clue, no news and no facts.

Then, as if that wasn’t bad enough, there’s this horrifying statistic: Among younger adults and youth, Covid-19 vaccines have KILLED over 250 times the amount of people the actual virus has killed. Let that sink in for a minute. Now why should any company or organization be ALLOWED to say the words “safe and effective” in the same sentence as vaccines, if you’re going to be censoring something?

Visit CovidVaccineReactions.com if you already got a toxic Covid jab or two and you are experiencing side effects, blood clots or other adverse events. Then tune your internet frequency to Pandemic.news for updates on these crimes against humanity being delivered under the guise of inoculation.

Cheers

Robert
end

Michael Every on the major global issues facing the world today: 

Michael Every… 

Rabobank: Current Reality Can Only Be Described As Anarchic Surrealism

 
WEDNESDAY, JUN 23, 2021 – 10:15 AM

By Michael Every of Rabobank

The Dove From Above

Back in the mid-1990s when irony was still a thing, British TV had a popular celebrity gameshow called Shooting Stars hosted by comedians Vic Reeves and Bob Mortimer. It was filled with slapstick, surreal, anarchic humor, and while it appeared to stick to standard gameshow conventions, everything was actually arbitrary: rules could be made up or ignored as and when Vic and Bob felt like it. For example, there would sometimes be a random “Maverick Round”, where a celebrity guest would have to stand centre stage and represent something “via the medium of dance”, or “The gift of the air guitar”. A regular center-piece, however, was “The Dove from Above” – a large, poorly-constructed prop bearing six key words for further questions that had to be “coo”-ed down by the guests as part of a silly ritual. If a contestant answered a Dove question incorrectly, Vic shouted “UVAVU” and pulled a silly face in close up; and if they chose correctly, Vic pulled a different silly face and yelled “ERANU”. Like I said, it was a big hit at the time.

This may all seem irrelevant in the irony-free 2020s, but I can’t help but think that anarchic surrealism does a far better job of capturing current reality than the po-faced, analysis-lite commentary I see around me. Indeed, this morning all I see are glowing reports of how Fed Chair Powell appeared before a celebrity panel in the US Congress, acted as “The Dove From Above”.

After shifting its dot-plot forward by a year, and several FOMC members talking about bubbles, tapering, and loss of dollar reserve currency status, Powell was as dovish as they come. Yes, inflation had been much stronger than he had expected – but it is still transitory. Yes, it may prove more persistent than he had expected – but it is still transitory. As Bloomberg (berg berg berg!) summarises it, “The Fed is nowhere near to raising rates”; and to quote Powell himself, the Fed “will wait for actual evidence of actual inflation or other imbalances before tightening”. Because what we have now isn’t actual inflation?

We agree the balance of risks is that actual present inflation *is* transitory, albeit very painful and disruptive – unless/until fiscal policy or supply chains shift. But both of these ideas are still floating around the stage like a celebrity guest waiting to finally express themselves via the medium of air guitar – and emanating from the White House, not left field. Neither this, nor how the Fed’s ultra-low interest rates can address deep-rooted economic injustice rather than exacerbating it via asset inflation, were addressed yesterday. Frankly, Powell might as well have answered “UVAVU” and “ERANU” at times: markets and market media would still have given it rave reviews provided rates aren’t going up. Indeed, stocks were up; bonds were up slightly; commodities too – as China announced the scale of the sale of reserves of aluminium, copper, and zinc from its state reserves; the dollar mostly down; and that surreal, anarchic Shooting Star Bitcoin, up.    

Of course, a more ironic lens is needed for the world in general nowadays. The EU probably wouldn’t allow a follow-up to Shooting Stars to be shown on TV because it’s too British. One can imagine there will soon be a black market in such things: “Have you got any ‘Fools and Horses’?”; “No, but I do have some ‘Top Gear’.

That is presuming the UK is capable of any irony itself, which is questionable when you see that this Friday, the government wants every schoolchild to sing a song called “Strong Britain” as part of a new One Britain One Nation day. The lyrics, sung by a children’s choir similar to that which brought us “There’s no-one quite like Grandma” go like this:

We are Britain, and we have one dream. To unite all people in one great team. Strong Britain, Great Nation; Strong Britain, Great Nation; Strong Britain, Na-a-ation.”

Really. I am not joking – sadly.

The UK can do these kind of unifying musical events extremely well. I recall *everyone* singing “Football’s Coming Home” in 1996, and “Hey Jude” along with Paul McCartney for the Queen’s Golden Jubilee in 2002, and actually meaning it. Yet with the Chancellor and PM at apparent loggerheads over the need for austerity, one wonders if a child chorus of cloying, jingoist elevator muzak is really going to be the soundtrack to a successful ‘Levelling Up’ and ‘Building Back Better’ that brings together as one team in a Great Nation. As the UK press is still just about capable of pointing out, this 2021 musical iteration is both rubbish and worryingly North Korean.

Wherein, on the back of international criticism over human rights, even from Canada’s Prime Minister Trudeau, China’s Global Times has printed a withering rebuttal including that: “Chinese people do not buy into the forces that are “fighting” for our human rights. The only thing we want to say is: please stay away from China and the Chinese people.” Which will be a lot easier in practical terms now China plans to keep pandemic border restrictions in place for at least another year amid fears over the emergence of new variants and a calendar of sensitive events, according to the Wall Street Journal. A related survey of 121 China-focused professionals (scholars, journalists, former diplomats, and civil society workers) by ChinaFile showed only 27% stating they would definitely return once border controls are lifted – with qualifications such as being on official passports, as part of delegations affiliated with prominent institutions, or at the invitation of a Chinese government-affiliated institution; 17% said probably; 22% said definitely not; 18% said probably not; and 16% were unsure. We await the equivalent survey for the UK.

On Covid, Israel, which used Pfizer vaccines, and had only last week removed indoor mask mandates, has now reinstituted them, and is asking its citizens not to go abroad over concerns the Delta variant is surging. By contrast, the musical UK, with a far larger Delta variant spike, is apparently preparing to allow everyone to travel internationally from August; and Thailand, where Covid variants are also spreading, is opening up to tourism from 1 July (in Phuket) and nationally from October. Academic Bret Weinstein has meanwhile found a new platform for his podcast, currently touching on many things Covid-related, outside of the embrace of all-knowing YouTube.

(Harvey: please read the red portion carefully…..Israel is now worried about the Delta strain gaining strength and they are now enforcing wearing masks again!!)

At some point, someone is going to make an epic black comedy about the real-life Shooting Stars that is the 2020s.  

 

end
 
 

7. OIL ISSUES

 

END

8 EMERGING MARKET ISSUES

VENEZUELA

 
 

Your early  currency/gold and silver pricing/Asian and European bourse movements/ and interest rate settings WEDNESDAY  morning 7:30 AM….

Euro/USA 1.1948 UP .0012 /EUROPE BOURSES /ALL RED EXCEPT LONDON

USA/ YEN 110.80 UP 0.150 /NOW TARGETS INTEREST RATE AT .11% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…

GBP/USA 1.3967  UP   0.0019  (Brexit March 29/ 2019/ARTICLE 50 SIGNED/BREXIT FEES WILL BE CAPPED/

USA/CAN 1.2287  DOWN .0024

Early WEDNESDAY morning in Europe, the Euro UP BY 12 basis points, trading now ABOVE the important 1.08 level RISING to 1.1948 Last night Shanghai COMPOSITE CLOSED UP 8.81 PTS OR 0.25% 

//Hang Sang CLOSED UP 507.31 PTS OR 1.79%

/AUSTRALIA CLOSED DOWN 0.53% // EUROPEAN BOURSES OPENED ALL RED EXCEPT LONDON

Trading from Europe and ASIA

EUROPEAN BOURSES CLOSED ALL RED WITH EXCEPT LONDON

2/ CHINESE BOURSES / :Hang SANG CLOSED UP 507.31 PTS OR 1.79%

/SHANGHAI CLOSED UP 8.81 PTS OR 0.25% 

Australia BOURSE CLOSED DOWN 0.53%

Nikkei (Japan) CLOSED 9.24 PTS OR 0.03%

INDIA’S SENSEX  IN THE  RED

Gold very early morning trading: 1783.25

silver:$25.95-

Early WEDENESDAY morning USA 10 year bond yr: 1.466% !!! DOWN 0 IN POINTS from TUESDAY’S night in basis points and it is trading WELL BELOW resistance at 2.27-2.32%.

The 30 yr bond yield 2.102 UP 1  IN BASIS POINTS from TUESDAY night.

USA dollar index early WEDNESDAY morning: 91.74  DOWN 1 CENT(S) from TUESDAY’s close.

This ends early morning numbers WEDNESDAY MORNING

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And now your closing  WEDNESDAY NUMBERS 1: 00 PM

Portuguese 10 year bond yield: 0.44% DOWN 1  in basis point(s) yield from YESTERDAY/

JAPANESE BOND YIELD: +.056%  UP 1/10   BASIS POINTS from YESTERDAY/JAPAN losing control of its yield curve/

SPANISH 10 YR BOND YIELD: 0.45%//  DOWN 1 in basis point yield from yesterday.

ITALIAN 10 YR BOND YIELD:  0.90 UP 0   points in basis points yield from yesterday./

the Italian 10 yr bond yield is trading 45 points higher than Spain.

GERMAN 10 YR BOND YIELD: FALLS TO –.173% IN BASIS POINTS ON THE DAY//

THE IMPORTANT SPREAD BETWEEN ITALIAN 10 YR BOND AND GERMAN 10 YEAR BOND IS 1.07% AND NOW ABOVE THE  THE 3.00% LEVEL WHICH WILL IMPLODE THE ENTIRE ITALIAN BANKING SYSTEM. AT 4% SPREAD THERE WILL BE A HUGE BANK RUN…

END

IMPORTANT CURRENCY CLOSES FOR  WEDNESDAY

Closing currency crosses for WEDNESDAY night/USA DOLLAR INDEX/USA 10 YR BOND YIELD/1:00 PM

Euro/USA 1.1944  UP     .0008 or 8 basis points

USA/Japan: 110.89  UP .240 OR YEN DOWN 24  basis points/

Great Britain/USA 1.3971 UP .0022 POUND UP 22  BASIS POINTS)

Canadian dollar UP  23 basis points to 1.2287

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The USA/Yuan,  CNY: closed    ON SHORE  (CLOSED UP).. 6.4739 

THE USA/YUAN OFFSHORE:    (YUAN UP)..6.4758

TURKISH LIRA:  8.65  EXTREMELY DANGEROUS LEVEL/DEATH WISH.

the 10 yr Japanese bond yield  at +0.056%

Your closing 10 yr US bond yield UP 2 IN basis points from TUESDAY at 1.490 % //trading well ABOVE the resistance level of 2.27-2.32%) very problematic USA 30 yr bond yield: 2.124 UP 4 in basis points on the day

 YIELD CURVE  REVERSING UPWARDS

Your closing USA dollar index, 91.67  DOWN 9  CENT(S) ON THE DAY/1.00 PM/

Your closing bourses for Europe and the Dow along with the USA dollar index closing and interest rates for WEDNESDAY: 12:00 PM

London: CLOSED DOWN 15.95 PTS OR 0.22% 

German Dax :  CLOSED DOWN 3179.94 PTS OR 1.15% 

Paris CAC CLOSED DOWN 60.43  PTS OR 0.91% 

Spain IBEX CLOSED DOWN 99.20  PTS OR  1.10%

Italian MIB: CLOSED DOWN 238.43 PTS OR 0.94% 

WTI Oil price; 73.59 12:00  PM  EST

Brent Oil: 75.61 12:00 EST

USA /RUSSIAN /   RUBLE RISES:    72.57  THE CROSS  LOWER BY 0.35 RUBLES/DOLLAR (RUBLE HIGHER BY 35 BASIS PTS)

TODAY THE GERMAN YIELD FALLS  TO –.173 FOR THE 10 YR BOND 1.00 PM EST EST

END

This ends the stock indices, oil price, currency crosses and interest rate closes for today 4:30 PM

Closing Price for Oil, 4:00 pm/and 10 year USA interest rate:

WTI CRUDE OIL PRICE 4:30 PM : 73.30//

BRENT :  75.31

USA 10 YR BOND YIELD: … 1.489..UP 2 basis points…

USA 30 YR BOND YIELD: 2.114 UP 2 basis points..

EURO/USA 1.1925 DOWN 0.0012   ( 12 BASIS POINTS)

USA/JAPANESE YEN:110.98 UP .342 ( DOWN 34 BASIS POINTS/..

USA DOLLAR INDEX: 91.86  UP 11  cent(s)/

The British pound at 4 pm   Britain Pound/USA:1.3959 UP 11  POINTS

the Turkish lira close: 8.64  UP 1 BASIS PTS

the Russian rouble 72.71   UP 0.18 Roubles against the uSA dollar. (UP 18 BASIS POINTS)

Canadian dollar:  1.2307  UP 4 BASIS pts

German 10 yr bond yield at 5 pm: ,-0.173%

The Dow closed DOWN  71,34 POINTS OR 0.21%

NASDAQ closed UP 3,83 POINTS OR 0.03%

VOLATILITY INDEX:  16.41CLOSED DOWN  0.25

LIBOR 3 MONTH DURATION: 0.137%//libor dropping like a stone

USA trading day in Graph Form

Fed’s Kaplan Sparks Late-Day Dump On Rate-Hike, Taper Talk

 
WEDNESDAY, JUN 23, 2021 – 04:01 PM

Ugly PMIs (Services recovery collapsed), and even uglier housing data suggest all is not well under the surface of the “excellent” recovery and that “hope”-filled gap between ‘soft’ and hard data is set to slump again

Source: Bloomberg

But markets just shrugged it off as the echoes of Powell’s dovish promises bounced around their frontal cortexes.

While Small Caps did their manic thing; The Dow, S&P, and Nasdaq all trod water all day in a very narrow range… UNTIL this happened…

The U.S. economy will likely meet the Federal Reserve’s threshold for tapering its asset purchases sooner than people think, said Dallas Fed President Robert Kaplan, who has penciled in an interest-rate increase next year.

“As we make substantial further progress, which I think will happen sooner than people expect — sooner rather than later — and we’re weathering the pandemic, I think we’d be far better off, from a risk-management point of view, beginning to adjust these purchases of Treasuries and mortgage-backed securities,” Kaplan said Wednesday in an interview with Bloomberg News.

“If we do these purchases longer than might be necessary, for me it actually may reduce our flexibility in adjusting rates,” Kaplan said.

“I’d rather start tapering, assuming we meet our conditions, sooner rather than later so that we have more flexibility in deciding what we want to do on rates down the road.”

And the selling began sending The Dow, S&P and Nasdaq into the red for the day…

Since just before the FOMC statement last week, The Dow and Small Caps are in the red and Nasdaq the big outperformer…

VIX fell to a 14 handle intraday…

This is how quiet it was…

Source: Bloomberg

Treasury yields also went nowhere fast, eventually rising 1-2bps across the curve on the day (10Y now unchanged from pre-FOMC)…

Source: Bloomberg

And while the dollar chopped around, it ended spectacularly unch…

Source: Bloomberg

There were some fireworks of note.

Fannie & Freddie were destroyed by SCOTUS ruling…

Source: Bloomberg

Crypto ended very marginally higher after giving back some overnight gains. Bitcoin briefly touched $35k before sliding…

Source: Bloomberg

WTI whipped higher and lower on OPEC+ production, inventories, and weak data…

Gold followed a similar trajectory – ending unch…

Finally, we note that the real measure of market fear – implied correlation – has collapsed, finally reverting to pre-COVID levels

Source: Bloomberg

The implied correlation, a topic we have discussed in the past at length, quantifies the difference between the index’s volatility and the summation of the underlying volatility of the names in an index. In a nutshell, the implied correlation measures the relative demand for instant liquid index macro protection relative to its underlying names (a slower less liquid way to protect yourself). The higher the correlation, the greater the risk of a very significant systemic downside move (since correlations tend to approach 1 when systemically bad events occur).

Source: Bloomberg

By implicitly measuring the market’s demand for this relative protection – and its implicit downside risk sentiment – implied correlation is much more applicable as a measure of investor sentiment… which right now is about as complacent as its ever been.

a)Market trading/last night/USA/

 
ii) Market data
USA Service Sector unexpectedly plunges in June.  The PMI survey hit record highs but it is the service sector that is very problematic as service is 70% GDP. This is a soft data report.  It seems that hard data is faltering vs soft data rising. 
(zerohedge)

US Services Sector Unexpectedly Plunges In June As Manufacturing Survey Hits Record High

 
WEDNESDAY, JUN 23, 2021 – 09:52 AM

Despite the serial disappointment in hard economic data, ‘soft’ survey data has continued to soar in 2021 but analysts expected today’s Markit PMIs to retrace some of those gains. However, reality was notably different with Manufacturing jumping more than expected as Services plunged

  • Markit US Manufacturing rose to 62.6 (from 62.1) beating expectations of 61.5.

  • Markit US Services plunged to 64.8 (from 70.4) hugely missing expectations of 70.0

Source: Bloomberg

That is the lowest reading since March for Services and highest reading ever for Manufacturing.

Employment issues remained prevalent during June, as numerous panelists mentioned difficulties finding suitably trained candidates for current vacancies.

Price pressures also remained elevated in June. The rate of input price inflation softened slightly but was the second-fastest on record. Manufacturers continued to note rapid increases in raw material and fuel costs, whilst service providers highlighted higher wage bills to attract workers plus greater transportation fees and fuel costs.

US continues to be the world’s “strongest” economy based on these soft surveys, even as the US Composite PMI dropped to 63.9…

Source: Bloomberg

Commenting on the PMI data, Chris Williamson, Chief Business Economist at IHS Markit, said:

“The early PMI indicators point to further impressive growth of the US economy in June, rounding off an unprecedented growth spurt over the second quarter as a whole.

“While both output growth and inflows of new orders have come off their peaks in both manufacturing and services, this is as much due to capacity constraints limiting firms’ abilities to cope with demand rather than any cooling of the economy.

“Although price gauges have also slipped from May’s all-time highs, it’s clear that the economy continues to run very hot. Prices charged for goods and services are still rising very sharply, record supply shortages are getting worse rather than better, firms are fighting to fill vacancies and manufacturers’ warehouse stocks are being depleted at a worrying rate as firms struggle to meet demand.

“While the second quarter will likely represent a peaking in the pace of economic growth, a concomitant peaking of inflation is far less assured.”

So – what happens next? Does all that “hope” collapse back to reality? Or is “hope” the new strategy?

Source: Bloomberg

Get back to work Mr.Powell and make it so!

end

Sticker shock!!

(zerohedge)

US New Home Sales Unexpectedly Plunged In May To Lowest In A Year

 
WEDNESDAY, JUN 23, 2021 – 10:06 AM

Following yesterday’s slightly better than expected existing home sales (which was still a 4th straight monthly decline), analysts expected May new home sales to rebound very modestly from the 5.9% plunge in April… they were wildly wrong!

New home sales plunged 5.9% MoM in May and April’s crash was revised even lower (-7.8% MoM)…

Source: Bloomberg

This unexpected drop pushed the SAAR sales print to 769k (against expectations of 865k) – the lowest since May 2020

Source: Bloomberg

The median new home price is up 18.1% YoY to $374,400 (average selling price at $430,600) and is being blamed for the drop in sales as affordability collapses.

None of this should come as a surprise given the total collapse in homebuyer sentiment (and when did homebuilder sentiment actually count for anything?)…

Source: Bloomberg

With The Fed ‘talking about, talking about’ tapering and raising rates (at some point in the future), mortgage rates are already starting to rise

Source: Bloomberg

Get back to work Mr.Powell.

iii) Important USA Economic Stories

This is not good:  The uSA is losing 1.2 million workers to early retirement

(zerohedge)

US Losing 1.2 Million Workers To Early Retirement

 
TUESDAY, JUN 22, 2021 – 07:05 PM

According to a brand new analysis from Goldman’s economists, the US is on pace to experience a permanent loss of about 1.2 million workers from early retirement and reduced immigration. That’s the bad news; the good news – according to Goldman – is that younger workers who have been reluctant to return to the workforce are still likely to do so once temporary disincentives to work disappear (most later this year).  As a result, Goldman is looking for the labor force participation rate to rise by 100bps over the next year-plus to 62.6% (if still 0.8% below the 63.4% pre-pandemic rate).

Why does this matter? Because while the labor market currently is a total shitshow due to Democrat policies that pay potential workers more to do nothing than to work, leading to a record 9.3 million job openings

… and as a result there is a historic labor shortage, this is expected to change in September when extended unemployment benefits run out. That’s why, consensus generally expects that the recovery in labor force participation will accelerate in the coming months as generous unemployment insurance benefits expire and other pandemic-related labor supply disincentives like school closures and health risk exposure fade away.

But looking beyond the near term – 6 or so months from now – should we expect a full recovery in the labor supply? That’s what Goldman tries to answer in its latest economic note.

The vampire squid starts off by reminding us that in December, it warned about a surge in early retirements that was likely to be a lingering drag on the labor force participation rate (LFPR). Since then, the number of excess retirees – defined as the difference between the actual number of retirees and the number of retirees implied by the age-specific retirement rates observed in 2019 – has soared to 1.2 million, a 0.5% hit to the labor force participation rate in addition to the roughly 0.2% structural drag from population aging since the pandemic began.

Because most early retirements reflect permanent labor force exits, the labor force drag from early retirements will persist until it unwinds through fewer new retirements.

Some more details:

First, of the 2.7 million non-retiring workers who have left the labor force since the start of the pandemic (reflecting a 1.0% drag on the LFPR), 1.4 million say they don’t want a job now. However, many of these workers are aged 55+ (600k; a 0.2% drag) and are likely not working due to health concerns. In contrast, the share of prime-age and younger people who say they don’t want a job (a 0.3% drag) has increased only modestly and currently stands at mid-2019 levels (bottom chart, left).

Second, among those workers who have left the labor force but still want a job (1.2 million; a 0.5% drag), most haven’t searched recently (over 900k; a 0.4pp drag), suggesting that they are postponing their job search until UI benefits expire and pandemic-related disincentives fall away (right chart, below). This, just in case there are still idiots who think that Biden’s generous claims aren’t behind the collapse in labor supply. The good news – for now – is that very few fall into the discouraged worker category that might indicate more persistent scarring and pose a threat to a full labor market recovery. This is of course intuitive: it is hard to imagine large numbers of workers dropping out in despair over a lack of job opportunities, as happened after the financial crisis, in an environment in which jobs are so abundant. Then again, this unstable equilibrium will flip soon enough once benefits run out and there is surge in labor supply and a sharp drop in wages.

Looking beyond pandemic-driven changes in the labor force, Goldman sees scope for two tax policy changes to affect the labor supply of parents.

  • First, the American Rescue Plan (ARP) increased the Child Tax Credit (CTC), made it fully refundable, and removed its earned income-requirements for 2021 (chart below, left), and the upcoming fiscal package is expected to extend these changes through 2025. Prior academic research finds that the earned-income requirements of the CTC have had a significant impact on maternal labor supply, so removing these incentives could put downward pressure on female labor force participation. Although this effect will partially be offset by increased work incentives from the increased Earned Income Tax Credit (EITC), earned income incentives will likely be reduced on net.
  • Second, the ARP also made the Child and Dependent Care Tax Credit (CDCTC) much more generous by allowing households to claim 50% of child care expenses up to $8k for one child and $16k for two or more children as a refundable tax credit (chart below, right). These changes could have large positive effects on maternal labor supply if they are extended beyond 2021.

Here, Goldman says that its best guess is that the labor supply incentives from the CTC and CDCTC roughly offset each other, with some potential for a rotation in female labor supply from lower-income households (who should be most affected by the changes to the CTC) to middle-income households (who should benefit most from the changes to the CDCTC). However, there are some risks in both directions, depending on the details and permanence of each potential tax change.

Overall, Goldman economists expect the Labor force participation rate to eventually rise from 61.6% now to a peak of 62.6% by the end of 2022, which however will still be 0.8% below the 63.4% pre-pandemic trend, with the gap in participation primarily reflecting early retirements and demographic shifts and other negative consequences resulting from Biden’s fiscal policies. It may also explain why there has been a concerted push to cut the work week from 5 to 4 days.

In an amusing twist, Goldman “goes there” and writes that although immigration has only a small effect on the labor force participation rate (since it affects both the labor force and population), the bank expects the collapse in visa issuance during the pandemic (Exhibit 4) will reduce the labor force for the next few years. Quantified, GS economists expect that the drop in temporary worker visas currently is creating an effective labor force drag of 450k workers, although this hit will unwind through fewer expiring visas going forward. They also estimate that the drop in immigration visas has reduced the labor force by 300k through May, and since the loss in immigration in 2020 won’t be offset by higher immigration going forward, most of this drag will persist

Finally, the next chart shows Goldman’s labor force forecast relative to the US demographic trend: here, Goldman continues to expect that most of the pandemic-driven exits will reverse in the coming months as pandemic- and policy-related obstacles to participation fade but that drags from early retirements and slower migration will keep the labor force over 1.2 million workers below trend by the end of 2022.

How and when that transitions to a full-blown socialist state – which is the aim of most progressive democrats – where the government pays tens of millions not to work with the funding coming courtesy of the intellectual fraud that is MMT (Magic Money Tree), remains unclear although it will likely require an even bigger shock than the covid pandemic. War with China may just suffice.

end

Amazing at least Fed members do not think inflation is just “transitory”….they are going against Fed “policy” of always calling inflation “transitory”

(zerohedge)

At Least Three Fed Members Don’t Think Inflation Is Just “Transitory”

 
TUESDAY, JUN 22, 2021 – 09:05 PM

Even though Fed Chair Powell was quick to disabuse the Congressional kangaroo court today that the current bout of runaway inflation is anything but permanent, at least three FOMC members disagree, as Curvature’s repo guru Scott Skyrm observes today.

Writing in his daily repo market commentary, Skyrm notes that two Fed governors saw the fed funds peak at 3.00% and one at 2.75% in the “dot plot” of the FOMC statement in the next tightening cycle.

Conceding that he may be reading the “tea leaves” too much, Skyrm the notes that “that’s 50 basis points above the peak of 2.25% to 2.50% during the last cycle.” And while everyone knows that the “dot plot” is historically inaccurate and it’s a better indication of what the Fed governors are thinking at the time, Skyrm said that a peak fed funds rate at 3.00% does not corresponds with the current surge in inflation as being “temporary”… or corresponds with keeping rates are zero right now.

The repo experts concludes that “if some Fed governors believe there will be more tightening than that last cycle, it either means they expect more inflation in the near future or there’s too much stimulus in the economy right now.”

Translation: a mutiny is building within Powell’s “Transitory Inflation” Fed, and while just three uber-hawks have emerged so far, there is plenty of time until 2023 for Powell to experience a real insurrection, not the straight-to-CNN January 6 special produced by the FBI in and around the Capitol building.

end

USA CORONAVIRUS UPDATE

 

INFLATION WATCH/

 

iv) Swamp commentaries/

“Cackling Kamala” Pressured Into Border Visit, Trump Gloats

 
WEDNESDAY, JUN 23, 2021 – 04:20 PM

President Trump took a victory lap on Wednesay, after a Politico report that Vice President Kamala Harris is finally heading to the US-Mexico border this week, after months of defensive snarking when asked about the issue.

“After months of ignoring the crisis at the Southern Border, it is great that we got Kamala Harris to finally go and see the tremendous destruction and death that they’ve created—a direct result of Biden ending my very tough but fair Border policies…” said Trump in a Wednesday statement.

Kamala has come under mounting pressure for failing to visit the border – which President Joe Biden put her in charge of. To that end, Rep. Lauren Boebert (R-CO) on Wednesday introduced a GOP bill sponsored by 21 Republicans to censure Biden for a “failure” to faithfully execute US border and immigration laws.

In a Wednesday speech, Boebert said “President Biden passed the buck to Cackling Kamala…It’s not funny.”

Exhibit A:

 

 
end
 

v) King report/Courtesy of Chris Powell of GATA which includes the major swamp stories./ of the day

Three Fed presidents surfaced on Tuesday morning; they spewed mostly dovish and mendacious remarks.

NY Fed President Williams’ statements per Bloomberg

  • Not Concerned by the Large Amount of Flows (massively excess liquidity) in Repos
  • Fed Reverse Repo System Working as Designed
  • Rate Rise Is Quite a Ways Off
  • Recent Sharp Rise in Inflation to Be Temporary
  • Must Keep a Close Eye on Data in Order to Determine How Temporary Inflation Is
  • Fed Is Not Setting Policy by Mechanical Formula (The Fed is winging it!)
  • Sees Inflation Back Down Next Year to Around 2%
  • Taper Timing to Be Drive by How Data Evolve
  • Fed Asset Buying Not Specifically Designed to Lift Housing Markets (Fed is now sensitive to housing inflation and possibly mammoth investment firms’ cornering of the housing market)

Later in the day, the Fed reported that it did a Reverse Repo of $791.6B.  When will it hit $1T?

Blackstone to buy Home Partners of America in $6 bln deal (How about this, Prez Williams?)
https://www.reuters.com/business/blackstone-buy-home-partners-america-6-billion-deal-wsj-2021-06-22/

ZH: America’s Largest Landlord Just Got Bigger: Blackstone Buys 17,000 Houses for $6 Billion

Williams made the risible assertion that the purpose of asset purchases is not to add cash to the markets but to create stable economic conditions.  Williams declined to give his rate forecast or comment on the Fed DOTS.

The NY Fed: Statement Regarding Reverse Repurchase Agreement Small Value Exercise
The Desk intends to conduct a small value overnight reverse repo operation with Primary Dealers and Reverse Repo Counterparties to test its contingency operation infrastructure…
https://www.newyorkfed.org/markets/opolicy/operating_policy_210622

Mester’s remarks

  • The US economy is not currently at a significant danger of financial instability
  • There are indications of some frothiness; the Fed has its eye on it
  • Economy is not at a point where the Fed has to reduce assistance due to financial stability risks
  • Financial stability should NOT be included as a third priority in the Fed’s Mandate (What!)
  • To ensure that it is not adding to market volatility, the Fed should examine its communication tools (Fed officials should shut up and make far fewer speeches and appearance.)
  • Asset Purchases Pose Potential Financial Risks – BBG
  • Very low interest rates can lead to excessive valuations – BBG
  • The FOMC is not at a point to dial back assistance – BBG
  • Taper decision should wait until fall – DJ

Mester is trying to procure a ‘Get out of Jail’ card for the Fed by arguing that the financial and economic instability that it created via its wanton credit creation and asset monetization is NOT the Fed’s fault.

Cleveland Fed President Mester: Financial Stability and Monetary Policy in a Low-Interest-Rate Environment   https://www.clevelandfed.org/newsroom-and-events/speeches/sp-20210622-financial-stability-and-monetary-policy-in-a-low-interest-rate-environment.aspx

SF Fed President Daly’s remarks per Bloomberg

  • Climate Change Poses Considerable Risk to Global Economy
  • Fed Has Duty to Study Likely Path of Climate Change
  • Climate Change’s Economic Upheaval May Limit Fed
  • Fed Has Narrow Remit and Climate Change Affects Its Goals (Crime has a bigger effect!)
  • Rate-Change Discussion Isn’t Even on the Table Right Now
  • Appropriate to Debate Taper But ‘We’re Not There Yet’
  • She’s Very Bullish on the Economy
  • Looking to Fall to Get More Clarity on the Economy

SF Fed President Daly: Climate Risk and the Fed: Preparing for an Uncertain Certainty
Like all other risks to the economy, it’s incumbent on the Federal Reserve to understand the likely path of climate change and the transitions that could be part of this evolution…
https://www.frbsf.org/our-district/press/presidents-speeches/mary-c-daly/2021/june/climate-risk-and-the-fed-preparing-for-an-uncertain-certainty/

Daly on charges that the Fed has become ‘woke’ and activist: “I don’t think of what we are doing as activism; I think of it as doing our job.”
https://www.reuters.com/business/feds-daly-says-climate-change-poses-significant-economic-risk-2021-06-22/

In May, US Existing Homes Sales declined (0.9%) for the 4th straight month as the median sales price hit a record high of $350.3k, up 23.6% y/y.  If inflation is transitory and prices retreat, do buyers get a refund of purchases?   https://cdn.nar.realtor/sites/default/files/documents/ehs-05-2021-summary-2021-06-22.pdf

NAR: Existing-Home Sales Experience Slight Skid of 0.9% in May
https://www.nar.realtor/newsroom/existing-home-sales-experience-slight-skid-of-0-9-in-may

 
Powell’s remarks per Bloomberg

  • Fed Won’t Raise Rate Preemptively
  • Fed Will Wait for Actual Inflation as Trigger for Rate Rise (Is this guy really this dumb?)
  • Fed Can Help Reduce Economic Disparities but Can’t lead Effort (Pure BS!)
  • Best Way for Fed to Ease Inequality Is Focus on Jobs
  • 5% Inflation Is Not Acceptable (We’re old enough to recall the 2% threshold)
  • Inflation Effects from Reopening Larger Than Expected
  • Still Expect Inflation Will Cool
  • Fed Will Act if Inflation Stays Too High
  • High Inflation Temporary, Will Abate
  • Factors Weighing on Labor Supply Should Abate
  • May Take Some Patience to See What Is Really Happening (What!?!?)
  • Hard to Say When Supply Bottlenecks Will Disappear
  • Enhanced Unemployment Benefits May Be Factor
  • Expects to See Strong Job Creation in the Fall
  • ‘Very, Very Unlikely’ U.S. Will Suffer 1970s Inflation Experience

@zerohedge: Powell: “we actually use PCE not CPI”.  Why? because the weights of both used cars and shelter are much bigger in the core CPI than in the core PCE, and because health insurance prices are not included in the PCE.

ESUs spurted higher when Powell’s remarks hit the tape even though the clueless Fed CEO offered nothing new or impactful.  It was algos and traders reacting to the headlines as well as the usual last-hour upward manipulation.  Sellers appeared during the final 30 minutes.  ESUs and stocks fell until a modest uptick at the close.

Texas chicken chain pays teen managers $50K amid labor shortage [What say you, Jerome?]
https://nypost.com/2021/06/22/texas-chicken-chain-pays-teen-managers-50k-amid-labor-shortage/

Inflation worries soar with 85% of Americans ‘somewhat concerned’: poll https://trib.al/dAlWmAo

Jeremy Grantham: All four chairmen post-Volcker have underestimated the potential economic damage from inflated asset prices, particularly housing, deflating rapidly. The role of higher asset prices on increasing inequality also hasn’t been considered. Asset bubbles are extremely dangerous
    Today I would act to deflate all asset prices as carefully as I could, knowing that an earlier decline, however painful, would be smaller and less dangerous than waiting — the analogy of jumping off an accelerating bus seems a suitably painful one…
https://financialpost.com/pmn/business-pmn/bubble-expert-jeremy-grantham-addresses-epic-equities-euphoria
The WHO: Children should not be vaccinated for the moment.  Children and adolescents tend to have milder disease compared to adults… More evidence is needed on the use of the different COVID-19 vaccines in children to be able to make general recommendations on vaccinating children against COVID-19… https://www.who.int/emergencies/diseases/novel-coronavirus-2019/covid-19-vaccines/advice

The MSM eagerly reported daily Covid fatalities and hospitalizations when Trump reigned.  But they do NOT publish data for Covid vaccination fatalities and hospitalizations.  With young adult fatalities and illnesses from Covid Vaccines escalating, the WHO had to do act.  The MSM is not hyping this though.

Since 9/11, Suicide Has Claimed Four Times More Military Lives Than Combat
Watson Institute for International and Public Affairs estimates that 30,177 active-duty personnel and veterans of the wars in Iraq and Afghanistan have taken their own lives over the last nearly 20 years…
https://www.military.com/daily-news/2021/06/21/9-11-suicide-has-claimed-four-times-more-military-lives-combat.html

Iran seizes 7,000 cryptocurrency computer miners, largest haul to date http://reut.rs/3gVCK3O

California, Facing Power Crisis, Frets Over Electric Car Charging Routines
Electric vehicle owners now mostly charge their vehicles at night, but that will likely have to change so that more drivers are charging while energy production levels are higher…
https://www.newsweek.com/california-facing-power-crisis-frets-over-electric-car-charging-routines-1602755
@AugustTakala: TUCKER: Google paid Daszak to take his research to China, where he studied “the transmission of pathogens with pandemic potential.”  Daszak and Google are both implicated in the Covid-19 pandemic, and they worked together to keep factual information from the public.
https://twitter.com/AugustTakala/status/1407492767044050948

Google & USAID Funded Wuhan Collaborator Peter Daszak’s Virus Experiments for Over a Decade…The Google-backed EcoHealth Alliance played a critical role in the cover-up of COVID-19’s origins through its president, Peter Daszak… https://thenationalpulse.com/exclusive/google-funded-wuhan-linked-ecohealth-research/

@EmeraldRobinson: A year ago @60Minutes and @ScottPelley tried to smear my Fauci-Wuhan reporting as “misinformation” in a segment that painted Peter Daszak as a hero.  Who was right and who was wrong?

@realchrisrufo: The Washington Post’s hitpiece against me has collapsed. They have admitted to fabricating a timeline, retracted or added six full paragraphs, reversed a key claim, and failed to produce evidence of a falsified quotation. Democracy dies when the media lies.
https://twitter.com/realchrisrufo/status/1407151635214700545

@DailyCaller: CNN’s Don Lemon said that “we’re living in two different realities as Black and White people.”  Tucker Carlson reveals that he lives in $4.3 million home in an area of New York that is 80% white and just 3% African American.  https://twitter.com/DailyCaller/status/1407141774666125318

@julie_kelly2: Acting AG Rosen has testified DOJ sent at least 500 officers—including FBI—to Capitol on January 6. We don’t know what they did or who they were. Not a single video has yet to show an identified FBI agent.  So, what were they doing?

Data on the US violent crime surge: https://twitter.com/RepKenBuck/status/1407423902758866944/photo/1

[Chicago] Mayor says police know who fatally stabbed Maryland grad student in the Loop and are ‘scouring’ nearby homeless camps – Anat Kimchi, 31, was walking in the 400 block of South Wacker Drive about 4 p.m. Saturday when a man stabbed her in the back… She was pronounced dead at Northwestern Memorial Hospital… Lightfoot acknowledged the daylight stabbing near Willis Tower was shocking. But she categorically denied the attack was an indication the downtown is unsafe
https://chicago.suntimes.com/2021/6/21/22543510/anat-kimchi-stabbed-loop-criminal-justice-scholar-university-maryland

Mother passes away after she was shot in attack following Puerto Rican Day Parade https://bit.ly/3gLEv4I

“He who knows nothing is closer to the truth than he whose mind is filled with falsehoods and errors.” Thomas Jefferson
 end

Let us conclude the week with this offering courtesy of Greg HUNTER//USA watchdog interviewing Mike Pento

(Greg Hunter)

Fed Kills the Economy – Michael Pento

By Greg Hunter’s USAWatchdog.com

Money manager and economist Michael Pento warns to keep your eyes on the Fed.  It will be responsible for the next market crash coming this year or next.  Just look what happened after the most recent Fed meeting last week.  Pento says, “After the June FOMC meeting, the Fed talking about tapering sent stock prices skidding. . . . When they actually announce they are tapering, and when they actually announce a date for tapering that, I believe, will be in August at Jackson Hole, the market will sell off absolutely.”

The Fed has been propping up the markets with massive amounts of printed money since the financial meltdown of 2008.  Something has changed, and Pento points out, “Now, the inflation has become such a problem that even the Fed can no longer ignore it.  Now, the calculation goes like this:  Either the economy will slow significantly on its own to slow the rate of inflation, which will cause the earnings per share to collapse and the stock market will collapse, or the Fed is going to kill it for you. . . . There has been an epiphany, a watershed moment at the Fed . . .  they are all starting to notice the inflation.  Even the core rate of inflation has gotten out of hand, and they have to address it.  They can’t ignore it, and this is the big watershed change.  I cannot stress this enough.  The big change is the success of creating 2% inflation, which is now well over double what the Fed wants it to be.”  They wanted 2%, and it’s now over 5%.  The Fed is going to kill the economy or the economy is going to roll over on its own.  I think it’s going to be both.”

What’s coming next?  Pento warns, “I think the Fed is going to taper asset purchases just as the monetary cliff kicks in.  In that case, watch out. . . .They are losing control of the monetary system.  They are losing control of inflation.  They are losing control of asset prices.  They are losing control of the fiat currency system.  They are losing control of everything.”

In closing, Pento says, “We are going to go through iterations of inflation and then rapid and devastating deflation. . . . And with each iteration, the bubble gets bigger and the amount of debt grows exponentially.  Do we have one more left or two more left?  I don’t know, but I am calling for a rapid and violent deflationary bust of asset prices probably early in 2022. . . . At some point, bond market yields spike out of control.  That is not happening yet. . . . After that, you are going to see a problem with helicopter money like we have never seen before and inflation like we have never seen before.”

Pento also says he’s long term bullish on gold and short term bullish on the dollar, too.  He explains in detail in the 55 minute interview.

 

I WILL SEE YOU THURSDAY NIGHT

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